First Things First Act

Bill Number

HR 2999

Introduced

Oct 2, 2001

Latest Action

Referred to the Committee on Ways and Means, and in addition to the Committee on Rules, for a period to be subsequently ...

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Cosponsors

Topics

Building construction Commerce Compensation for victims of crime Congress Congressional agencies Congressional reorganization Congressional reporting requirements Crime and Law Enforcement Drugs EBB Terrorism Economics and Public Finance Elementary and secondary education Elementary education Estate tax Families Family enterprises Federal aid to education Gift tax Government trust funds Health Housing and Community Development Income tax Inheritance tax International Affairs Labor and Employment Medicare Old age, survivors and disability insurance Personal income tax Public housing Recruiting of employees School buildings Secondary education September 11, 2001 Social security finance Social Welfare State taxation Tax credits Tax deductions Tax exemption Tax rates Taxation Teacher supply and demand Teachers Terrorism Victims of terrorism

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Summary

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.

Actions

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

Amendments

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