Middle Income Tax Relief Act of 1991

Summary

Middle Income Tax Relief Act of 1991 - Allows individuals a deduction of 50 percent of the net capital gain from assets held for at least one year. Restricts such deduction: (1) to a lifetime limitation of $400,000; and (2) to taxpayers whose adjusted gross income does not exceed $200,000. Requires the substitution of the indexed basis of property for its adjusted basis in determining qualified gain from the sale or exchange of real property. Disallows such deduction in computing the alternative minimum tax. Increases the income tax rate for certain high-income individuals.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

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• Introduced in House

  summary · EN · 22 November 1991

  Open at official source

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