To amend the Internal Revenue Code of 1986 to eliminate the tax on the net capital gain of taxpayers other than corporations, to exclude interest and dividends from gross income, and to repeal the 1993 income tax increase on Social Security benefits.

Summary

Amends the Internal Revenue Code to exclude from individual gross income: (1) net capital gains; and (2) interest and dividends, not including dividends from farmers' cooperative associations, regulated investment companies and real estate investment trusts, and employee stock ownership plans. Repeals the 85 percent (second tier) taxation of Social Security and Railroad Retirement benefits. Transfers from the general fund in the Treasury to the Hospital Insurance Trust Fund amounts equal to the resultant reduction in revenues.

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Timeline

1. 11 April 2003

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 11 April 2003

   Introduced

   Introduced in House

   Source: IntroReferral

3. 11 April 2003

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 11 April 2003 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 11 April 2003

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 11 April 2003

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 11 April 2003

  Open at official source

Sponsors

• Rep. Beauprez, Bob [R-CO-7] · R · Sponsor
• Sen. Blunt, Roy [R-MO] · R · Sponsor
• Kay Granger · R · Sponsor
• Rep. Musgrave, Marilyn N. [R-CO-4] · R · Sponsor
• Sen. Toomey, Patrick [R-PA] · R · Sponsor
• Rep. Garrett, Scott [R-NJ-5] · R · Cosponsor
• Rep. Miller, Jeff [R-FL-1] · R · Cosponsor
• Pete Sessions · R · Cosponsor
• · hswm00 · Standing

Related records

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