A bill to amend the Internal Revenue Code of 1986 to restore the deduction for two-earner married couples, to provide for maximum individual tax rate of 35 percent, to eliminate the personal exemption phase-out, to insure an individual long-term capital gains rate of 28 percent, to provide income averaging for farmers, and for other purposes.
Tax Reform Reform Act of 1987 - Amends the Tax Reform Act of 1986 to restore: (1) a deduction for two-earner married couples (five percent of either $10,000 or the qualified earned income of the spouse with the lower income, whichever is less); and (2) income averaging for qualified farmers.
Amends the Internal Revenue Code to: (1) increase the maximum individual income tax rate to 35 percent; (2) eliminate the phase-out of personal exemptions; and (3) include net capital gain in the calculation of phase-out of the 15-percent rate (thus setting a 28 percent maximum individual long-term capital gains rate).
Introduced in Senate
Read twice and referred to the Committee on Finance.
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