Summary: H.R.5306 — 103rd Congress (1993-1994)All Information (Except Text)

There is one summary for H.R.5306. Bill summaries are authored by CRS.

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Introduced in House (11/29/1994)

Tax Rate Reduction Act of 1994 - Amends the Internal Revenue Code to repeal the highest income tax rate for individuals, lower the highest taxable income threshold, and reduce individual income tax rates from 1995 until 1998.

Repeals the overall limitation on itemized deductions and the phaseout of personal exemptions.