United States · Amendment · HAMDT

HAMDT 337 (104th)

An amendment in the nature of a substitute to provide $31.6 billion in tax cuts for married couples earning up to $85,000 and single persons earning up to $60,000. The tax cut would be offset by $25 billion in descretionary spending cuts over five years, capping spending on the Crime Trust Fund for FY 1999, extending authority of the FCC to auction licenses for the radio broadcast spectrum, and raising $1 billion over five years by requiring U.S. taxpayers to pay taxes on income from foreign grantor trusts, and imposing a tax on wealthy citizens who renounce their citizenship. The substitute would not raise the pension contribution of federal employees or cut benefits for federal retirees. The substitute specifies that the tax cuts would not take effect until the OMB certified that legislation had been enacted that would balance the budget by FY 2002.

Budget