Small Savers Act of 1999

Summary

Small Savers Act of 1999 -Amends the Internal Revenue Code to direct the Secretary of the Treasury to prescribe income tax rate tables that increase the maximum taxable income level for the 15 percent rate bracket and the minimum taxable income level for the 28 percent rate bracket by specified dollar amounts beginning with calendar year 2000. Excludes from individual gross income up to $250 ($500 for joint filers) of the sum of dividends from domestic corporations or interest. Sets forth related provisions with respect to: (1) distributions from regulated investment companies and real estate investment trusts; and (2) nonresident aliens. Allows as a deduction an amount equal to the lesser of: (1) the net capital gain of the taxpayer; or (2) $5,000. Increases the $2,000 IRA contribution limit to $3,000. Expresses the sense of the Congress that the enactment of this Act shall have no impact on the solvency of the social security trust funds since the revenue reductions resulting from this Act over both the 5-year and 10-year estimating periods are projected to be less than the surplus over such periods in the non-social security portion of the Federal budget.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 18 May 1999

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 18 May 1999

   Introduced

   Introduced in House

   Source: IntroReferral

3. 18 May 1999

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 18 May 1999 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 18 May 1999

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 18 May 1999

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 18 May 1999

  Open at official source

Sponsors

• Sen. Graham, Lindsey [R-SC] · R · Sponsor
• Rep. Jefferson, William J. [D-LA-2] · D · Sponsor
• Rep. Wexler, Robert [D-FL-19] · D · Sponsor
• ALCEE HASTINGS · D · Cosponsor
• James Clyburn · D · Cosponsor
• Sen. Blunt, Roy [R-MO] · R · Cosponsor
• Sen. Chambliss, Saxby [R-GA] · R · Cosponsor
• Rep. Salmon, Matt [R-AZ-5] · R · Cosponsor
• Rep. Wynn, Albert Russell [D-MD-4] · D · Cosponsor
• Rep. Bono Mack, Mary [R-CA-45] · R · Cosponsor
• Sen. Wicker, Roger F. [R-MS] · R · Cosponsor
• Sen. Isakson, Johnny [R-GA] · R · Cosponsor
• Rep. McKinney, Cynthia A. [D-GA-4] · D · Cosponsor
• Rep. Goodling, William F. [R-PA-19] · R · Cosponsor
• · hswm00 · Standing

Related records

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