A bill to amend the Internal Revenue Code of 1986 to provide marriage tax relief by adjusting the standard deduction, 15-percent and 28-percent rate brackets, and earned income credit, and for other purposes.
(Sec. 2) Amends the Internal Revenue Code to provide that the basic standard deduction for a married couple filing jointly shall be twice the basic standard deduction for an unmarried individual, beginning in 2001.
(Sec. 3) Provides that the 15 and 28 percent regular income tax bracket for a married couple filing jointly shall be twice the size of the corresponding bracket for an unmarried individual. Sets forth a graduated phase-in beginning in 2002 and fully effective in 2007.
(Sec. 4) Increases the beginning point of the phase-out range of the earned income credit for married couples filing jointly by $2,500, beginning in 2001.
(Sec. 5) Revises provisions concerning the allowance of nonrefundable personal tax credits to provide that the aggregate amount of such credits shall not exceed the sum of: (1) the taxpayer's regular tax liability for the taxable year reduced by the foreign tax credit; and (2) the alternative minimum tax.
(Sec. 6) Sets forth "Budget Act" compliance provisions (sunset provisions).
On motion to refer the bill and the accompanying veto message to the Committee on Ways and Means. Agreed to without objection.
Introduced in Senate
Committee on Finance. Original measure reported to Senate by Senator Roth under authority of the order of the Senate of 06/30/2000. With written report No. 106-329. Minority views filed.
Committee on Finance. Original measure reported to Senate by Senator Roth under authority of the order of the Senate of 06/30/2000. With written report No. 106-329. Minority views filed.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 663.
Senate incorporated this measure in H.R 4810 as an amendment.
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