Tax Progressivity Act of 1992

Summary

Tax Progressivity Act of 1992 - Title I: Credit for Portion of Social Security Taxes - Amends the Internal Revenue Code to allow a credit for 20 percent of a taxpayer's social security taxes, limited to $200 ($400 in the case of a joint return) and applicable to years beginning after December 31, 1991, and before January 1, 1994. Title II: Revenue Increases - Subtitle A: Increase in Top Marginal Individual Income Tax Rates - Lowers the tax rates for certain taxpayers and increases the tax rate for certain higher incomes. Increases the tentative minimum tax for noncorporate taxpayers. Subtitle B: Surtax on Individuals With Incomes Over $1,000,000 - Imposes a surtax on incomes in excess of $1,000,000, including those of estates and trusts. Title III: Budget Provisions - Provides that any change in outlays or receipts resulting from this Act shall not be considered for any purpose under the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act).

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Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 27 February 1992

  Open at official source

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