United States · Amendment · HAMDT

HAMDT 871 (101st)

An en bloc amendment consisting of several amendments to do the following: 1) Reduce the increases in Medicare premiums and deductibility; 2) eliminate several of the revenue provisions contained in the Summit Agreement, including gas tax increases, taxes on home heating fuels, abolishing the extention of Medicare taxes to state and local government employees, and the limitation on itemized deductions; 3) Add several revenue-raising provisions, such as raising the tax rate on the highest incomes to 33%, adding a 10% surtax on incomes above $1 million, increasingthe minimum tax rate, and providing for a one-year suspension of income tax indexing. The amendment would provide a limited reduction on capital gains by allowing an annual exclusion of $1,000 of capital gains earnings and by allowing taxpayers to exclude from their income 50% of up to $200,000 in lifetime capital gains.