To amend the Internal Revenue Code of 1986 to reduce individual income tax rates.
Amends the Code, as of tax year 2001, to establish (in addition to existing brackets) a 12 percent individual tax bracket for each filing status. Caps taxable income levels for the 12 percent bracket at: (1) $12,000 for married individuals filing jointly; (2) $10,000 for heads of households; and (3) $6,000 for unmarried individuals or married individuals filing separately. Applies the current 15 percent bracket to income levels above the 12 percent caps but below current 15 percent caps.
Prohibits minimum bracket amount inflation adjustments through tax year 2006. Revises the cost-of-living adjustment formula, as of tax year 2007.
Provides, beginning in tax year 2002, for specified reductions in the 12, (maintaining the revised 15 percent bracket without further change), 28, 31, 36, and 39.6 percent individual (and estate) brackets, so that as of 2006 and thereafter, there shall be four tax brackets of 10, 15, 25, and 33 percent.
Repeals mandatory reductions in the additional (three or more children) child tax credit and the earned income credit for taxpayers subject to the alternative minimum tax.
Revises current tax rates in conformity with the amendments made by this Act respecting: (1) accumulated corporate earnings; (2) personal holding companies; (3) voluntary withholding on certain Federal payments, unemployment benefits, gambling winnings, and Indian casino profits; (3) backup withholding; and (4) supplemental wage payments.
States that amounts transferred to any Social Security Act trust fund shall be determined as if this Act had not been enacted.
Became Public Law No: 107-16.
On motion to table the motion to reconsider Agreed to by recorded vote: 221 - 197 (Roll no. 40).
Reported (Amended) by the Committee on Ways and Means. H. Rept. 107-7.
Reported (Amended) by the Committee on Ways and Means. H. Rept. 107-7.
Placed on the Union Calendar, Calendar No. 6.
Rules Committee Resolution H. Res. 83 Reported to House. Rule provides for consideration of H.R. 3 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. All points of order against consideration of the bill are waived. The amendment recommended by the Committee on Ways and Means now printed in the bill shall be considered as adopted. Measure will be considered read. A specified amendment is in order.
Rule H. Res. 83 passed House.
Considered under the provisions of rule H. Res. 83. (consideration: CR H761-809; text of measure as reported in House: CR H761-762)
Rule provides for consideration of H.R. 3 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. All points of order against consideration of the bill are waived. The amendment recommended by the Committee on Ways and Means now printed in the bill shall be considered as adopted. Measure will be considered read. A specified amendment is in order.
DEBATE - The House proceeded with one hour of debate on H.R. 3 as amended, pursuant to the provisions of H. Res. 83.
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DEBATE - Pursuant to H. Res 83, the House is proceeding with one hour of debate on the amendment offered by Mr. Rangel.
Mr. Berry moved to reconsider the vote.
Mr. Thomas moved to table the motion to reconsider the vote.
On motion to table the motion to reconsider the vote Agreed to by the Yeas and Nays: 228 - 197 (Roll no. 43).
Roll Call #43 (House)Mr. Stenholm moved to recommit with instructions to Ways and Means.
DEBATE - The House has proceeded with 10 minutes of debate on the Stenholm motion to recommit.
On motion to recommit with instructions Failed by recorded vote: 204 - 221 (Roll no. 44). (text: CR H807)
Roll Call #44 (House)Passed/agreed to in House: On passage Passed by the Yeas and Nays: 230 - 198 (Roll No. 45).
Roll Call #45 (House)On passage Passed by the Yeas and Nays: 230 - 198 (Roll No. 45).
Roll Call #45 (House)Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Finance.
See H.R.1836.