United States · Amendment · HAMDT

HAMDT 438 (102nd)

Amendment in the nature of a substitute: 1) increases the top income tax rate to 35 percent for individuals with taxable income over $85,000 and couples with taxable income over $145,000; 2) increases the Alternative Minimum Tax from 24 to 25 percent; 3) indexes capital gains for inflation; 4) provides a 2-year tax credit for Social Security tax payments; 5) includes tax credits for interest payments on student loans; and 6) waives the penalty on early IRA withdrawals for first-time homebuyers and for medical and educational expenses.