Tax Reform Act of 1989

Summary

Tax Reform Act of 1989 - Title I: Restoration of Certain Provisions Repealed by the Tax Reform Act of 1986 - Amends the Internal Revenue Code to restore a tax deduction for two-earner married couples. Repeals provisions of the Tax Reform Act of 1986 that eliminated income averaging. Restores income averaging for qualified farmers. Title II: Repeal of Supplemental Catastrophic Medicare Premium - Amends the Medicare Catastrophic Coverage Act of 1988 to repeal the supplemental Medicare premium. Amends title XVIII (Medicare) of the Social Security Act to provide for funding Medicare catastrophic benefits. Makes appropriations of relevant amounts to the following trust funds: (1) the Federal Hospital Insurance Catastrophic Coverage Reserve Fund; (2) the Federal Supplementary Medical Insurance Trust Fund; and (3) the Federal Catastrophic Drug Insurance Trust Fund. Title III: Increase in Maximum Individual Income Tax Rate - Increases the maximum individual income tax rate to 38.5 percent. Repeals the phase-out of the 15 percent rate and personal exemptions. Establishes a maximum capital gains rate at 28 percent.

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2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 3 August 1989

  Open at official source

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