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Family Fairness and Opportunity Tax Reform Act
A bill to amend the Internal Revenue Code of 1986 to provide for simplification, to reduce the number of tax brackets, and for other purposes.
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).
- Not enactedThe President has not signed this bill
- The house has not voted
- The senate has not voted
Committee on FinanceIntroducedOctober 30th, 2013
- senate Committees