Sec. 601. Corporate and Individual income tax rates reduced
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Not later than 1 year after the date of the enactment of this Act, the Secretary of the Treasury shall prescribe rates of tax in accordance with subsection
(b)so that such rates as the Secretary estimates would result in— a decrease in revenue to the Treasury for taxable years beginning during the 10-year period beginning on the date of the enactment of this Act, equal to the increase in revenue for such taxable years by reason of the amendments made by title I of this Act. For purposes of determining the decrease in revenues under subsection (a)(1)— In determining a flat rate of tax in lieu of the rates of tax under paragraphs
(1)and
(2)of section 11(b), section 1201(a), and paragraphs (1), (2), and
(6)of section 1445(e) of the Internal Revenue Code of 1986, the Secretary shall take into account one-half of the revenue increase described in subsection (a)(2). In determining a rate of tax in lieu of the 10 percent rate under section 1(i) of the Internal Revenue Code of 1986, the Secretary shall take into account one-half of the revenue increase described in subsection (a)(2). The rates of tax prescribed by the Secretary under subsection
(a)shall apply to taxable years beginning more than 1 year after the date of the enactment of this Act.