First Things First Act

Summary

First Things First Act-Amends the Internal Revenue Code to raise certain highest marginal income tax rates. Amends the Economic Growth and Tax Relief Reconciliation Act of 2001 to: (1) repeal the phaseout of the overall limitation on itemized deductions and restore the phaseout of personal exemptions; and (2) repeal the termination of the estate and generation-skipping transfer taxes, step-up basis at death, and related items. Amends the Internal Revenue Code to increase the estate tax deduction for family-owned business interests. Establishes the National Priorities Assessment Task Force in the legislative branch. Requires such Task Force to evaluate congressional success in the following areas: (1) the provision of aid and relief to persons injured as a result of the September 11, 2001, terrorist attacks; (2) the security of the Social Security and Medicare trust funds; (3) the provision of a comprehensive prescription drug benefit to Medicare beneficiaries; (4) the provision of Federal funding for school modernization and teacher hiring; and (5) a significant reduction in worst case housing needs.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 2 October 2001

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• Introduced in House (PDF)

  Introduced in House · EN · 2 October 2001

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• Introduced in House

  summary · EN · 2 October 2001

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