HR 3875
102th Congress
House
Taxation
Capital gains tax
Income
Income tax
Indexing (Economic policy)
Tax deductions
Tax rates
Middle Income Tax Relief Act of 1991
Introduced: November 22, 1991
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 22, 1991
Referred to the House Committee on Ways and Means.
Nov 22, 1991
Introduced in House
Plain-English summary
Middle Income Tax Relief Act of 1991 - Allows individuals a deduction of 50 percent of the net capital gain from assets held for at least one year. Restricts such deduction: (1) to a lifetime limitation of $400,000; and (2) to taxpayers whose adjusted gross income does not exceed $200,000. Requires the substitution of the indexed basis of property for its adjusted basis in determining qualified gain from the sale or exchange of real property. Disallows such deduction in computing the alternative minimum tax.
Increases the income tax rate for certain high-income individuals.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1
Cosponsors
1