Middle Class Tax Fairness Act of 2008
Latest action · Jul 30, 2008 Sponsor introductory remarks on measure. (CR E1624)
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.
- IntroducedJul 24, 2008
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Middle Class Tax Fairness Act of 2008 - Amends the Internal Revenue Code to allow in 2008 and 2009: (1) an increase in the basic standard tax deduction; (2) a tax deduction for real property taxes for taxpayers who do not itemize their deductions; and (3) a reduction in the earned income threshold amount for determining the refundable portion of the child tax credit.
Provides for certain revenue-raising provisions, including: (1) treatment of net income and loss from an investment services partnership as ordinary income and loss; (2) denial of tax benefits for major integrated oil companies; (3) imposing a limit on tax deductions and exemptions for individuals with adjusted gross incomes in excess of $250,000 ($500,000 in the case of a joint tax return); (4) the inclusion in gross income of certain deferred compensation from foreign entities; (5) new reporting requirements for payment settlement entities and securities brokers; (6) repeal of tax rules for the worldwide allocation of interest for purposes of computing the limitation on the foreign tax credit; (7) new rules for the application of the economic substance doctrine to transactions affecting tax liability; and (8) penalties for underpayment of tax due to transactions lacking economic substance.
Requires any increase in tax receipts resulting from this Act to be used for deficit reduction purposes.
Cosponsors 8
Members who signed on, in the order they did. Signatures ran from Jul 24, 2008 to Sep 15, 2008; 3 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-IN | Baron P. Hill | Original | Jul 24, 2008 |
| D-MN | Keith Ellison | Original | Jul 24, 2008 |
| D-IL | Rahm Emanuel | Original | Jul 24, 2008 |
| D-OH | Betty Sutton | Jul 30, 2008 | |
| D-TN | Steve Cohen | Jul 30, 2008 | |
| D-IL | Bill Foster | Sep 15, 2008 | |
| D-IA | Bruce L. Braley | Sep 15, 2008 | |
| D-NY | Michael A. Arcuri | Sep 15, 2008 |
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 Jul 24, 2008 |
Actions 4
Everything that happened, newest first.
- Jul 30, 2008Sponsor introductory remarks on measure. (CR E1624)
- Jul 24, 2008Introduced in House
- Jul 24, 2008Sponsor introductory remarks on measure. (CR H7063)
- Jul 24, 2008Referred to the House Committee on Ways and Means.
In the Congressional Record 2
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 E1624 | Timothy J. Walz D-MN | Jul 30, 2008 |
| House | Debate and remarks H7063 | Timothy J. Walz D-MN | Jul 24, 2008 |
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 middle class tax relief while closing tax loopholes, and for other purposes.
- Short Titles as Introduced
- Middle Class Tax Fairness Act of 2008
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Jul 24, 2008Introduced 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.
