Individual Tax Simplification Act of 2003

Summary

Individual Tax Simplification Act of 2003 - Amends the Internal Revenue Code to revise provisions concerning nonrefundable personal credits to provide that the aggregate amount of such credits allowed shall not exceed the amount of normal taxes and surtaxes. Replaces the current three ranges for phaseout of the adoption, child, and Hope and Lifetime Learning tax credits with a single, uniform phaseout of such credits. Mandates a deduction from gross income of 38 percent of a net capital gain for any taxable year for a taxpayer other than a corporation. Repeals the overall limitation on itemized deductions, the phaseout of personal exemptions, and the alternative minimum tax on individuals. Establishes an additional income tax, if the adjusted gross income of an individual exceeds specified thresholds, at a rate estimated by the Secretary of the Treasury which will result in the Individual Tax Simplification Act of 2001 being revenue neutral over the first 10 years after its enactment.

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

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 1 May 2003

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 1 May 2003

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 1 May 2003

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.