[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3150 Introduced in House (IH)]






108th CONGRESS
  1st Session
                                H. R. 3150

  To amend the Internal Revenue Code of 1986 to provide funds for the 
   security and stabilization of Iraq by suspending a portion of the 
  reductions in the highest income tax rate for individual taxpayers.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 23, 2003

  Mr. Lantos 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 provide funds for the 
   security and stabilization of Iraq by suspending a portion of the 
  reductions in the highest income tax rate for individual taxpayers.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Iraq Security and Stabilization Fund 
Act''.

SEC. 2. PROVISION OF FUNDS FOR SECURITY AND STABILIZATION OF IRAQ 
              THROUGH PARTIAL SUSPENSION OF REDUCTIONS IN HIGHEST 
              INCOME TAX RATE FOR INDIVIDUAL TAXPAYERS.

    (a) In General.--Section 1 of the Internal Revenue Code of 1986 
(relating to tax imposed) is amended by adding at the end the following 
new subsection:
    ``(j) Provision of Funds for Security and Stabilization of Iraq 
Through Partial Suspension of Reductions in Highest Income Tax Rate.--
            ``(1) In general.--In the case of any taxable year 
        beginning in 2005, 2006, 2007, 2008, 2009, or 2010, the 35 
        percent rate of tax under subsections (a), (b), (c), and (d) 
        shall be adjusted to the percentage determined by the Secretary 
        to result in an increase in revenues into the Treasury for all 
        taxable years beginning in 2005, 2006, 2007, 2008, 2009, and 
        2010 equal to $87,000,000,000.
            ``(2) Adjustment of tables.--The Secretary shall adjust the 
        tables prescribed under subsection (f) to carry out this 
        subsection.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2004.
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