[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2575 Introduced in House (IH)]







106th CONGRESS
  1st Session
                                H. R. 2575

   To amend the Internal Revenue Code of 1986 to reduce the rates of 
   income tax imposed on individual taxpayers by 3 percentage points.


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                    IN THE HOUSE OF REPRESENTATIVES

                             July 20, 1999

  Mr. Owens introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
   To amend the Internal Revenue Code of 1986 to reduce the rates of 
   income tax imposed on individual taxpayers by 3 percentage points.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. REDUCTION IN INDIVIDUAL INCOME TAX RATES.

    (a) In General.--Each of the tables contained in subsections (a), 
(b), (c), (d), and (e) of section 1 of the Internal Revenue Code of 
1986 is amended--
            (1) by striking ``15%'' and inserting ``12%'';
            (2) by striking ``28%'' and inserting ``25%'';
            (3) by striking ``31%'' and inserting ``28%'';
            (4) by striking ``36%'' and inserting ``33%''; and
            (5) by striking ``39.6%'' and inserting ``36.6%''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to taxable years beginning after December 31, 1999.
    (c) Section 15 Not To Apply.--The amendment made by subsection (a) 
shall not be treated as a change in the rate of a tax imposed by 
chapter 1 of the Internal Revenue Code of 1986 for purposes of section 
15 of such Code.
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