Section 1. Short title
Names the bill the Endowment Tax Fairness Act.
This Act may be cited as the Endowment Tax Fairness Act.
(a) Increase in rate of tax
Section 4968(a) of the Internal Revenue Code of 1986 is amended by striking 1.4 percent and inserting 21 percent.
(b) Effective date
The amendment made by this section shall apply to taxable years beginning after the date of the enactment of this Act.
(c) Federal debt reduction
The revenue derived from the amendment made by this section shall be deposited in the general fund of the Treasury and shall be used to reduce the national deficit, to the extent thereof, and thereafter to reduce the national debt.