[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7338 Introduced in House (IH)]







110th CONGRESS
  2d Session
                                H. R. 7338

To exclude $125,000 ($250,000 in the case of a joint return) of taxable 
 income from the individual Federal income tax for 2008 and to reduce 
   the rates of tax on income subject to Federal income tax for 2008.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           December 10, 2008

Mr. Shadegg (for himself, Mr. Broun of Georgia, Mr. Gohmert, Mr. Burton 
 of Indiana, Mr. Westmoreland, Mr. Sali, and Mrs. Bachmann) introduced 
  the following bill; which was referred to the Committee on Ways and 
                                 Means

_______________________________________________________________________

                                 A BILL


 
To exclude $125,000 ($250,000 in the case of a joint return) of taxable 
 income from the individual Federal income tax for 2008 and to reduce 
   the rates of tax on income subject to Federal income tax for 2008.

    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 ``Taxpayer Relief Act of 2008''.

SEC. 2. REDUCTION IN FEDERAL INCOME TAX FOR 2008.

    In the case of an individual, for purposes of applying the Internal 
Revenue Code of 1986 for the first taxable year beginning in 2008--
            (1) the taxable income of the taxpayer shall be reduced 
        (but not below zero) by $125,000 ($250,000 in the case of a 
        joint return), and
            (2) each rate of tax on such taxable income (determined 
        without regard to paragraph (1)) in excess of $125,000 
        ($250,000 in the case of a joint return) shall be reduced by 5 
        percentage points.
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