2013-10-30 Introduced in Senate 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).

]]>

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 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.