Family Fairness and Opportunity Tax Reform Act
Latest action · Oct 30, 2013 Read twice and referred to the Committee on Finance.
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.
- IntroducedOct 30, 2013
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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).
Cosponsors
Members who signed on, in the order they did.
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred Oct 30, 2013 |
Actions 2
Everything that happened, newest first.
- Oct 30, 2013Introduced in Senate
- Oct 30, 2013Read twice and referred to the Committee on Finance.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R44771 | An Overview of Recent Tax Reform Proposals Archived | Report | Feb 28, 2017 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- 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.
- Short Titles as Introduced
- Family Fairness and Opportunity Tax Reform Act
Subjects
Assigned by the Library of Congress. Policy area: 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
- Taxation
Text 1
Each version as it was printed, newest first.
- Oct 30, 2013Introduced in Senate
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.
