[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 1634 Introduced in Senate (IS)]

  1st Session
                                S. 1634

    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 SENATE OF THE UNITED STATES

                           September 17, 2003

  Mr. Biden (for himself, Mr. Kerry, Mr. Corzine, and Mrs. Feinstein) 
introduced the following bill; which was read twice and referred to the 
                          Committee on Finance

_______________________________________________________________________

                                 A BILL


 
    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, and 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 in 2005.
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