[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 445 Introduced in House (IH)]







107th CONGRESS
  1st Session
                                H. R. 445

To amend the Internal Revenue Code of 1986 to reduce individual income 
                        tax rates by 30 percent.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            February 6, 2001

 Mr. Fossella 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 individual income 
                        tax rates by 30 percent.

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

SECTION 1. SHORT TITLE; ETC.

    (a) Short Title.--This Act may be cited as the ``Economic Growth 
and Tax Freedom Act''.
    (b) Section 15 Not To Apply.--No amendment made by this Act, and no 
change in a rate pursuant to section 1(f)(8) of the Internal Revenue 
Code of 1986 (as amended by this Act), shall be treated as a change in 
a rate of tax for purposes of section 15 of such Code.

SEC. 2. REDUCTION IN INDIVIDUAL INCOME TAX RATES.

    (a) In General.--Subsection (f) of section 1 of the Internal 
Revenue Code of 1986 is amended by adding at the end the following new 
paragraph:
            ``(8) Rate reductions.--In prescribing the tables under 
        paragraph (1) which apply with respect to taxable years 
        beginning in a calendar year after 2000, the corresponding 
        percentages specified for such calendar year in the following 
        table shall be substituted for 15 percent, 28 percent, 31 
        percent, 36 percent, and 39.6 percent, respectively, in 
        subsections (a), (b), (c), (d), and (e).


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                                                             The corresponding percentage shall  be substituted
 In the case of taxable years  beginning during calendar               for the following percentages:
                          year:                           ------------------------------------------------------
                                                              15%        28%        31%        36%       39.6%
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2001.....................................................    13.5%      25.2%      27.9%      32.4%      35.64%
2002.....................................................    12.0%      22.4%      24.8%      28.8%      31.68%
2003 or thereafter.......................................    10.5%      19.6%      21.7%      25.2%    27.72%.''
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    (b) Technical Amendments.--
            (1) Subparagraph (B) of section 1(f)(2) of such Code is 
        amended by inserting ``except as provided in paragraph (8),'' 
        before ``by not changing''.
            (2) Subparagraph (C) of section 1(f)(2) of such Code is 
        amended by inserting ``and the reductions under paragraph (8) 
        in the rates of tax'' before the period.
            (3) The heading for subsection (f) of section 1 of such 
        Code is amended by inserting ``Rate Reductions;'' before 
        ``Adjustments''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2000.
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