Tax Reform Act of 1987

Summary

Tax Reform Reform Act of 1987 - Amends the Tax Reform Act of 1986 to restore: (1) a deduction for two-earner married couples (five percent of either $10,000 or the qualified earned income of the spouse with the lower income, whichever is less); and (2) income averaging for qualified farmers. Amends the Internal Revenue Code to: (1) increase the maximum individual income tax rate to 35 percent; (2) eliminate the phase-out of personal exemptions; and (3) include net capital gain in the calculation of phase-out of the 15-percent rate (thus setting a 28 percent maximum individual long-term capital gains rate).

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Documents

1 official file

• Introduced in Senate

  summary · EN · 6 March 1987

  Open at official source

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