Middle Class Flexible Savings Act of 1995

Summary

Middle Class Flexible Savings Act of 1995 - Amends the Internal Revenue Code to increase from $2,000 to $3,000 the maximum deduction allowed to individuals for contributions to individual retirement accounts (IRAs). Increases the income phaseout limits on the deduction for active participants in employer-maintained pension plans. Provides an inflation adjustment for deductible amounts and the phaseout limits beginning after 1995. Allows the full IRA deduction to a spouse who had less than $1,000 of compensation and who has a child under the age of six who is the taxpayer's dependent. Allows distributions from qualified retirement plans without penalty to: (1) pay higher education expenses or business start-up expenditures; (2) pay for certain medical expenses; (3) assist certain unemployed individuals; and (4) purchase first homes. Imposes a minimum tax on certain foreign-owned and foreign corporations.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 4 April 1995

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• Introduced in House (PDF)

  Introduced in House · EN · 4 April 1995

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• Introduced in House

  summary · EN · 4 April 1995

  Open at official source

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