United States · Amendment · HAMDT

HAMDT 265 (101st)

An amendment to eliminate the provisions in the bill to reduce the tax rate on capital gains. The amendment would broaden the availability of Individual Retirement Accounts by allowing a 50% deduction for contributions by persons not currently permitted to take a 100% deduction, and allow funds to be withdrawn without penalty if used for the first-time purchase of a home or to finance college costs. The amendment would also extend the existing tax rate of 33% to apply to all upper-level income brackets, eliminating the current rate of 28% for the highest income categories, and apply the resulting revenue gains to a special Deficit Reduction Trust Fund.