Summary: H.R.3620 — 105th Congress (1997-1998)All Information (Except Text)

There is one summary for H.R.3620. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (04/01/1998)

TABLE OF CONTENTS:

Title I: Reduction in Individual Income Taxes

Title II: Base Broadening

Title III: Corporate Subsidy Reform Commission

Title IV: National Referendum Required for Federal Income

Tax Rate Increases to Take Effect

Title V: Return-Free Filing

Gephardt 10 Percent Tax Act of 1998 - Title I: Reduction in Individual Income Taxes - Amends the Internal Revenue Code to: (1) reduce individual income tax rates; (2) reduce individual alternative minimum tax rates; (3) increase the standard deduction; (4) eliminate the marriage penalty; and (5) increase the personal exemption.

Title II: Base Broadening - Includes in gross income specified items which are currently excluded from gross income, including: (1) interest on State and local bonds; (2) specified employer provided fringe benefits; and (3) foreign earned income.

(Sec. 202) Repeals all itemized deductions except for deductions for mortgage interest, investment interest, and employment-related expenses. Repeals the dependent care credit and the elderly credit.

Title III: Corporate Subsidy Reform Commission - Establishes an independent commission (Corporate Subsidy Reform Commission) to examine Federal subsidies and make recommendations for terminating inequitable Federal subsidies. Defines the term "inequitable Federal subsidy" and sets forth provisions providing for: (1) the consideration of such subsidies before the Congress; and (2) any subsidy reduction shortfall.

Title IV: National Referendum Required for Federal Income Tax Rate Increases to Take Effect - Requires a national referendum to increase Federal income tax rates.

Title V: Return-Free Filing - Requires the development of a plan to implement a return-free Federal income tax system for the largest number of taxpayers possible.