Fairness for America Act of 1991

Summary

Fairness for America Act of 1991 - Amends the Internal Revenue Code to allow a variable capital gains deduction for a taxpayer other than a corporation based upon capital assets held from one to five years. Requires indexing, based on the consumer price index, of the adjusted basis of certain assets (corporate stock and tangible property that is a capital asset of property used in a trade or business) acquired after December 31, 1990, and that have been held for more than one year at the time of sale or other transfer, solely for the purpose of determining gain or loss. Allows a deduction of three cents for each mile any new American-made vehicle, purchased after December 31, 1990, was driven during the taxable year. Excludes business use of such vehicle. Amends the title II of the Social Security Act (Old-Age, Survivors and Disability Insurance Benefits) to remove the limitation on the amount of outside income which a beneficiary may earn without incurring a reduction in benefits.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 26 November 1991

  Open at official source

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