110 HR 7338 IH: Taxpayer Relief Act of 2008 U.S. House of Representatives 2008-12-10 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 110th CONGRESS 2d Session H. R. 7338 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.

1.

Short title

This Act may be cited as the Taxpayer Relief Act of 2008.

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.