3.0.0 2078 2023-01-11T13:35:59Z 2023-01-11T13:35:59Z House HR 2017-04-06 115 [Congressional Record Volume 163, Number 60 (Thursday, April 6, 2017)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. WILLIAMS:H.R. 2078.Congress has the power to enact this legislation pursuantto the following:The Congress shall have Power to lay and collect Taxes,Duties, Imposts and Excises, to pay the Debts and provide forthe common Defense and general Welfare of the United States;but all Duties, Imposts, and Excises shall be unifirmthroughout the United States.[Page H2793]]]> hswm00 Ways and Means Committee House Standing Referred to 2017-04-06T13:08:25Z Farmers Against Crippling Taxes Act 115 30 HR 2017-01-03 Referred to the House Committee on Ways and Means. Related bill CRS Death Tax Repeal Act of 2017 115 198 HR 2017-01-03 Referred to the House Committee on Ways and Means. Related bill CRS 2017-04-06 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2017-04-06 Introduced in House IntroReferral Intro-H 9 Library of Congress 2017-04-06 Introduced in House IntroReferral 1000 9 Library of Congress W000816 Rep. Williams, Roger [R-TX-25] Roger Williams R TX 25 N Taxation Business investment and capital Capital gains tax Corporate finance and management Employment taxes Income tax deductions Income tax rates Inflation and prices Taxation of foreign income Transfer and inheritance taxes U.S. and foreign investments Taxation 00 2017-04-06 Introduced in House 2017-07-12T13:36:21Z Jump Start America Act of 2017

This bill amends the Internal Revenue Code, with respect to several corporate and individual income tax policies, to:

  • revise individual income tax rates to establish a 20% rate on taxable income of $1 million or less and a 30% rate on taxable income over $1 million, with an adjustment for inflation after 2016;
  • revise the income tax rates on corporations to impose a single 20% rate on corporate taxable income;
  • modify the formula for calculating the tax on the net capital gains of individual taxpayers to provide for a maximum 15% rate on the adjusted net capital gain of such taxpayers;
  • reduce the tax rate on current and accumulated foreign earnings of U.S. corporations reinvested in the United States and make the lower rate permanent;
  • increase the additional depreciation allowance (bonus depreciation) from 50% to 100% of the adjusted basis of qualifying business property and to make such increased allowance permanent;
  • reduce Social Security and Medicare payroll taxes for employers, employees, and the self-employed; and
  • repeal the federal estate, gift, and generation-skipping transfer taxes.
]]> Jump Start America Act of 2017 Display Title Jump Start America Act of 2017 Official Title as Introduced To amend the Internal Revenue Code of 1986 to simplify individual income and corporate tax rates, to set a maximum on the capital gains rate, to make permanent the deduction for dividends received for repatriated foreign earnings, to reduce the rate of payroll and self-employment taxes, to make 100-percent bonus depreciation permanent, and to repeal the Federal estate and gift taxes. Introduced in House IH Short Titles as Introduced Jump Start America Act of 2017 Introduced in House 2017-04-06T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr2078ih/xml/BILLS-115hr2078ih.xml 2017-04-06 Referred to the House Committee on Ways and Means. 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.