Individual Tax Simplification Act of 2003
Latest action · May 1, 2003 Referred to the House Committee on Ways and Means.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMay 1, 2003
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Replaces the current three ranges for phaseout of the adoption, child, and Hope and Lifetime Learning tax credits with a single, uniform phaseout of such credits.
Mandates a deduction from gross income of 38 percent of a net capital gain for any taxable year for a taxpayer other than a corporation.
Repeals the overall limitation on itemized deductions, the phaseout of personal exemptions, and the alternative minimum tax on individuals.
Establishes an additional income tax, if the adjusted gross income of an individual exceeds specified thresholds, at a rate estimated by the Secretary of the Treasury which will result in the Individual Tax Simplification Act of 2001 being revenue neutral over the first 10 years after its enactment.
Cosponsors 8
Members who signed on, in the order they did. Signatures ran from Jul 9, 2003 to Sep 21, 2004.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MA | Barney Frank | Jul 9, 2003 | |
| D-LA | William J. Jefferson | Jul 9, 2003 | |
| D-MA | Edward J. Markey | Jul 15, 2003 | |
| D-NY | Carolyn B. Maloney | Jul 17, 2003 | |
| R-NY | James T. Walsh | Jul 17, 2003 | |
| D-CA | Lynn C. Woolsey | Sep 16, 2003 | |
| D-GA | John Lewis | Nov 21, 2003 | |
| D-MA | John W. Olver | Sep 21, 2004 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred May 1, 2003 |
Actions 3
Everything that happened, newest first.
- May 1, 2003Introduced in House
- May 1, 2003Sponsor introductory remarks on measure. (CR E851)
- May 1, 2003Referred to the House Committee on Ways and Means.
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Extensions | Debate and remarks E851 | Richard E. Neal D-MA | May 1, 2003 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Internal Revenue Code of 1986 to provide a revenue-neutral simplification of the individual income tax.
- Short Titles as Introduced
- Individual Tax Simplification Act of 2003
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Adoption
- Capital gains tax
- Charitable contributions
- College costs
- Commerce
- Cost of living adjustments
- Costs
- Day care
- Disabled
- Economics and Public Finance
- Education
- Employee stock options
- Families
- Finance and Financial Sector
- Higher education
- Income
- Income tax
- Indexing (Economic policy)
- Labor and Employment
- Law
- Minimum tax
- Partnerships
- Scholarships
- Small business
- Tax credits
- Tax deductions
- Tax exemption
- Tax rates
- Tax simplification
- Taxation
- Trusts and trustees
- Tuition tax credits
- Vocational and technical education
Text 1
Each version as it was printed, newest first.
- May 1, 2003Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.