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First Things First Act

Introduced: October 2, 2001 Introduced by: Schakowsky, Janice D. Democratic · Illinois 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
Oct 2, 2001
Referred to the Committee on Ways and Means, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Oct 2, 2001
Introduced in House
 Plain-English summary Congressional Research Service
First Things First Act-Amends the Internal Revenue Code to raise certain highest marginal income tax rates. Amends the Economic Growth and Tax Relief Reconciliation Act of 2001 to: (1) repeal the phaseout of the overall limitation on itemized deductions and restore the phaseout of personal exemptions; and (2) repeal the termination of the estate and generation-skipping transfer taxes, step-up basis at death, and related items.

Amends the Internal Revenue Code to increase the estate tax deduction for family-owned business interests.

Establishes the National Priorities Assessment Task Force in the legislative branch. Requires such Task Force to evaluate congressional success in the following areas: (1) the provision of aid and relief to persons injured as a result of the September 11, 2001, terrorist attacks; (2) the security of the Social Security and Medicare trust funds; (3) the provision of a comprehensive prescription drug benefit to Medicare beneficiaries; (4) the provision of Federal funding for school modernization and teacher hiring; and (5) a significant reduction in worst case housing needs.

What's happening now October 2, 2001

Referred to the Committee on Ways and Means, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

 Committees of jurisdiction 2
 Cosponsors 4
All 4 Democratic 3 Independent 1