II 112th CONGRESS 1st Session S. 85 IN THE SENATE OF THE UNITED STATES January 25 (legislative day, January 5), 2011 Mr. Johanns introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to reduce the maximum rate of tax on the income of corporations to 20 percent.

1.

Short title

This Act may be cited as the Restoring America’s Competitiveness in Enterprise (RACE) Act of 2011.

2.

Reduction in corporate tax rate

(a)

In general

Subsection (b) of section 11 of the Internal Revenue Code of 1986 is amended to read as follows: (b)

Amount of tax

The amount of tax imposed by subsection (a) shall be the sum of— (1)15 percent of so much of the taxable income as does not exceed $50,000, and (2)20 percent of so much of the taxable income as exceeds $50,000. . (b)

Effective date

The amendment made by this section shall apply to taxable years beginning after the date of the enactment of this Act.