3.0.0 6595 2018-11-08T23:34:09Z 2018-11-08T23:34:09Z House H HR 2008-07-24 110 hswm00 Ways and Means Committee House Standing Referred to 2008-07-24T14:00:10Z 2008-07-30 Sponsor introductory remarks on measure. (CR E1624) IntroReferral B00100 9 Library of Congress 2008-07-24 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2008-07-24 Sponsor introductory remarks on measure. (CR H7063) IntroReferral B00100 9 Library of Congress 2008-07-24 Introduced in House IntroReferral Intro-H 9 Library of Congress 2008-07-24 Introduced in House IntroReferral 1000 9 Library of Congress W000799 Rep. Walz, Timothy J. [D-MN-1] Timothy Walz D MN J. 1 N E000288 Rep. Ellison, Keith [D-MN-5] Keith Ellison D MN 5 2008-07-24 True E000287 Rep. Emanuel, Rahm [D-IL-5] Rahm Emanuel D IL 5 2008-07-24 True H001030 Rep. Hill, Baron P. [D-IN-9] BARON HILL D IN P. 9 2008-07-24 True S001174 Rep. Sutton, Betty [D-OH-13] Betty Sutton D OH 13 2008-07-30 False C001068 Rep. Cohen, Steve [D-TN-9] Steve Cohen D TN 9 2008-07-30 False A000363 Rep. Arcuri, Michael A. [D-NY-24] Michael Arcuri D NY A. 24 2008-09-15 False F000454 Rep. Foster, Bill [D-IL-14] Bill Foster D IL 14 2008-09-15 False B001259 Rep. Braley, Bruce L. [D-IA-1] Bruce Braley D IA L. 1 2008-09-15 False Taxation Financial services and investments Income tax credits Income tax deductions Interest, dividends, interest rates Oil and gas State and local taxation Tax administration and collection, taxpayers Tax treatment of families Taxation of foreign income Taxation 00 2008-07-24 Introduced in House 2008-08-13T18:38:27Z 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.

]]> Middle Class Tax Fairness Act of 2008 Short Titles as Introduced Middle Class Tax Fairness Act of 2008 Display Title Middle Class Tax Fairness Act of 2008 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. Introduced in House 2008-07-24T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr6595ih/xml/BILLS-110hr6595ih.xml 2008-07-30 Sponsor introductory remarks on measure. (CR E1624) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.