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S 1616 113th Congress Senate Taxation Capital gains tax Charitable contributions Employment taxes Housing finance and home ownership Income tax credits Income tax deductions Income tax rates Inflation and prices Interest, dividends, interest rates Medicare Social work, volunteer service, charitable organizations Tax reform and tax simplification Tax treatment of families

Family Fairness and Opportunity Tax Reform Act

Introduced: October 30, 2013 Introduced by: Lee, Mike Republican · Utah 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 30, 2013
Read twice and referred to the Committee on Finance.
Oct 30, 2013
Introduced in Senate
 Plain-English summary Congressional Research Service

Family Fairness and Opportunity Tax Reform Act - Amends the Internal Revenue Code, with respect to the taxation of individual and married taxpayers, to:

  • reduce to two the number of individual income tax brackets, imposing a 15% tax rate on income up to $87,850 ($175,700 for married couples filing a joint return and surviving spouses) and a 35% rate on income above such level;
  • eliminate or reduce the capital gains tax rate based on taxable income levels;
  • repeal after 2013 the alternative minimum tax (AMT) for individual and corporate taxpayers;
  • increase from $1,000 to $2,500 the child tax credit and make a portion of such credit refundable;
  • allow a new personal income tax credit of $2,000 for individual taxpayers ($4,000 for married couples filing a joint return and surviving spouses) in lieu of the standard tax deduction, the personal tax exemption, and certain itemized deductions, other than the deductions for mortgage interest and charitable contributions;
  • provide annual inflation adjustments after 2013 to income levels and credit amounts in this Act;
  • make mortgage interest and charitable contributions deductible from gross income (above-the-line deductions);
  • limit to $300,000 the deductible amount of acquisition indebtedness for principal residences (currently, $1 million);
  • repeal the additional hospital insurance tax on individual taxpayers earning over $200,000 ($250,000 for married couples filing joint tax returns); and
  • repeal the 3.8% Medicare tax on certain unearned income (e.g., income from rents, royalties, stocks, bonds, and other investments).
What's happening now October 30, 2013

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1