Half and Half: Tax Relief and Debt Reduction Act of 1998

Summary

Half and Half: Tax Relief and Debt Reduction Act of 1998 - Amends the Internal Revenue Code to permit a husband and wife to file a combined tax return with separate rates. (Sec. 3) Raises the ceiling on income taxed at the lowest levels of taxation. (Sec. 4) Includes "mid-term gain" (certain property held for more than one year, but less than 18 months) within the definition of adjusted capital gain. (Sec. 5) Indexes certain assets for purposes of determining gain or loss. (Sec. 6) Reduces the top estate tax rate from 55 to 28 percent. (Sec. 7) Directs the Secretary of the Treasury, if the amendments of this Act during any of the four years following enactment will result in a reduction of revenues received of more than 50 percent of the estimated Federal unified budget surplus, to submit a legislative proposal to eliminate such excess.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 5 March 1998

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 5 March 1998

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• Introduced in Senate

  summary · EN · 5 March 1998

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