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Middle Class Flexible Savings Act of 1995

Introduced: April 4, 1995 See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 4, 1995
Referred to the House Committee on Ways and Means.
Apr 4, 1995
Introduced in House
 Plain-English summary Congressional Research Service

Middle Class Flexible Savings Act of 1995 - Amends the Internal Revenue Code to increase from $2,000 to $3,000 the maximum deduction allowed to individuals for contributions to individual retirement accounts (IRAs). Increases the income phaseout limits on the deduction for active participants in employer-maintained pension plans. Provides an inflation adjustment for deductible amounts and the phaseout limits beginning after 1995. Allows the full IRA deduction to a spouse who had less than $1,000 of compensation and who has a child under the age of six who is the taxpayer's dependent.

Allows distributions from qualified retirement plans without penalty to: (1) pay higher education expenses or business start-up expenditures; (2) pay for certain medical expenses; (3) assist certain unemployed individuals; and (4) purchase first homes.

Imposes a minimum tax on certain foreign-owned and foreign corporations.

What's happening now April 4, 1995

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1
 Cosponsors 3
All 3 Democratic 2 Independent 1