H.R.2434 - Putting Jobs and the American Family First Act of 1993103rd Congress (1993-1994)
|Sponsor:||Rep. Grams, Rod [R-MN-6] (Introduced 06/16/1993)|
|Committees:||House - Government Operations; Rules; Ways and Means|
|Latest Action:||06/28/1993 Referred to the Subcommittee on Legislation and National Security.|
This bill has the status Introduced
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Subject — Policy Area:
- Economics and Public Finance
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Summary: H.R.2434 — 103rd Congress (1993-1994)All Bill Information (Except Text)
Introduced in House (06/16/1993)
TABLE OF CONTENTS:
Title I: Family Tax Credit
Title II: Reducing the Cost of Capital by Reducing Capital
Gains Tax Rates and Indexing the Basis of Certain Assets
Title III: Neutral Cost Recovery
Title IV: Increasing National Savings Through
Individual Retirement Plus Accounts, Indexing for
Inflation the Income Thresholds for Taxing Social Security
Title V: Cap on Federal Spending and Establishment of
Commission to Reduce Federal Spending
Putting Jobs and the American Family First Act of 1993 - Title I: Family Tax Credit - Amends the Internal Revenue Code to allow individuals a tax credit of $500 multiplied by the number of qualifying children who have not attained age 18. Places limitations on such credit and adjusts it for inflation.
Title II: Reducing the Cost of Capital by Reducing Capital Gains Tax Rates and Indexing the Basis of Certain Assets - Reduces the individual and corporate capital gains rate from 34 percent to 15 percent. Reduces such tax to 7.5 percent for low- and middle-income taxpayers.
Provides for the phaseout of personal exemptions and the overall limitation on itemized deductions to take into account adjusted gross income which has been reduced by net capital gain.
Requires indexing, based on the gross national product deflator, of the adjusted basis of certain assets (corporate stock and tangible property that is a capital asset of property used in a trade or business) that have been held for more than one year at the time of sale or other transfer, solely for the purpose of determining gain or loss.
Provides for indexing the limitation on capital losses of noncorporate taxpayers.
Title III: Neutral Cost Recoverry - Allows the depreciation deduction to be computed based on a neutral recovery basis for property placed in service after December 31, 1993.
Repeals the special depreciation rules applicable under the adjusted current earnings provisions of the minimum tax.
Title IV: Increasing National Savings Through Individual Retirement Plus Accounts, Indexing for Inflation the Income Thresholds for Taxing Social Security Benefits, etc. - Allows individuals to establish individual retirement plus accounts with tax treatment similar to that for individual retirement plans. Makes contributions to such account nondeductible.
Provides for qualified distributions from such accounts. other than for general retirement purposes, including special purpose distributions made for the purchase of a first home and for medical or educational purposes. Prohibits special purpose distributions from being made during the first five years of the account.
Provides an inflation adjustment after 1996 for income thresholds in determining the taxation of social security benefits. Excludes income from individual retirement plans when determining modified adjusted gross income.
Provides an inflation adjustment after 1996 for the maximum amount allowable as a deduction for retirement savings.
Title V: Cap on Federal Spending and Establishment of Commission to Reduce Federal Spending - Establishes the Commission on Reduction of Federal Spending to: (1) recommend specific reductions in Federal activities to assure that spending does not grow at a rate in excess of two percent per year through FY 1998; and (2) report a bill to the Congress with changes necessary to achieve such reductions.
Establishes an advisory council to assist the Commission.
Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollidngs Act) to set forth sequestration procedures when the increase in annual Federal spending exceeds the amount resulting from an annual rate of inflation of two percent.