[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 2423 Introduced in Senate (IS)]







108th CONGRESS
  2d Session
                                S. 2423

To repeal the reduction in the tax rate for the top tax bracket and to 
 express the sense of the Senate that revenue savings from the repeal 
  should be used to improve benefits under the Montgomery GI Bill by 
 $6,000,000,000 over 10 years, to fund Federal Pell grants at the full 
amounts authorized for fiscal year 2004, and to double the fiscal year 
   2004 funding for Perkins loans, Federal work-study programs, and 
      Federal supplemental educational opportunity grants (SEOG).


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                   IN THE SENATE OF THE UNITED STATES

                              May 13, 2004

  Mr. Dayton introduced the following bill; which was read twice and 
                  referred to the Committee on Banking

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                                 A BILL


 
To repeal the reduction in the tax rate for the top tax bracket and to 
 express the sense of the Senate that revenue savings from the repeal 
  should be used to improve benefits under the Montgomery GI Bill by 
 $6,000,000,000 over 10 years, to fund Federal Pell grants at the full 
amounts authorized for fiscal year 2004, and to double the fiscal year 
   2004 funding for Perkins loans, Federal work-study programs, and 
      Federal supplemental educational opportunity grants (SEOG).

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

SECTION 1. REPEAL OF REDUCTION IN TOP TAX RATE.

    (a) In General.--The table contained in section 1(i)(2) of the 
Internal Revenue Code of 1986 (relating to reductions in rates after 
June 30, 2001) is amended by striking ``35.0%'' in the last column and 
inserting ``39.6%''.
    (b) Effective Date.--The amendment made by this section shall apply 
to taxable years beginning after December 31, 2003.

SEC. 2. SENSE OF THE SENATE REGARDING EDUCATION FUNDING.

    It is the sense of the Senate that any increase in Federal revenue 
as a result of the amendment made by this Act should be used to improve 
benefits under the Montgomery GI Bill by $6,000,000,000 over 10 years, 
to fund Federal Pell grants at the full amounts authorized for fiscal 
year 2004, and to double the fiscal year 2004 funding for Perkins 
loans, Federal work-study programs, and Federal supplemental 
educational opportunity grants (SEOG).
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