A bill to amend the Internal Revenue Code of 1986 to modify the tax brackets, eliminate the marriage penalty, allow individuals a deduction for amounts paid for insurance for medical care, increase contribution limits for individual retirement plans and pensions, and for other purposes.

Summary

Amends the Internal Revenue Code to reduce by five percent the general income tax rate. Increases the maximum taxable income level for the ten percent rate bracket and the minimum taxable income level for the 23 percent rate bracket by specified applicable dollar amounts of: (1) $10,000 for calendar 2000, $10,000 for calendar 2001, and $20,000 for calendar 2002 and thereafter for joint returns and surviving spouses; and (2) $5,000 for calendar 2000, $5,000 for calendar 2001, and $10,000 for calendar 2002 and thereafter for heads of households, unmarried individuals, and married individuals filing separate returns. Increases the basic standard deduction, for the purpose of eliminating the marriage penalty, from: (1) $5,000 to $8,500 for joint returns and surviving spouses; (2) from $4,400 to $6,250 for heads of households; and (3) from $3,000 (unmarried individuals) and $2,500 (married individuals filing separate returns) to $4,250 for all others. Repeals the separate categories for unmarried individuals and married individuals filing separate returns. Provides for cost-of-living adjustments. Allows an individual taxpayer a deduction (even if the taxpayer does not itemize) for the amount paid during the taxable year for insurance covering medical care or for any qualified long-term care insurance contract for the taxpayer, and the taxpayer's spouse and dependents. Increases from $2,000 to $3,500 the limit on the deductible amount of an individual's qualified retirement contributions. Increases from $7,000 to $15,000 the limit on the amount of elective deferrals (of compensation contributed to a qualified pension, profit- sharing, or stock bonus plan) which is excluded from an individual's gross income.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 14 April 1999

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 14 April 1999

   Introduced

   Sponsor introductory remarks on measure. (CR S3707-3708)

   Source: IntroReferral

3. 14 April 1999

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 14 April 1999 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 14 April 1999

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 14 April 1999

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 14 April 1999

  Open at official source

Sponsors

• Rep. Campbell, Ben Nighthorse [D-CO-3] · R · Sponsor
• · ssfi00 · Standing

Related records

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