United States · Amendment · HAMDT

HAMDT 571 (106th)

An amendment in the nature of a substitute to provide approximately $89 billion in marriage penalty tax relief over a period of 10 years. In addition, the substitute 1) increases the standard deduction for married couples to twice that of single taxpayers beginning in 2001 (same as the base bill); 2) makes adjustments to the alternative minimum tax to ensure that all married couples benefit from the increased standard deduction; 3) increases the amount a joint-filing couple may earn before their earned income tax credit benefits begin to phase out by $2,000 in 2001 and by $2,500 in 2002; and 4) repeals current law provisions that limit refundable child credits under the alternative minimum tax effective beginning in 2001.