H.R.4053 - To amend the Internal Revenue Code of 1986 to simplify the individual income tax by repealing the adjusted gross income limitations on itemized deductions and the personal exemption deduction, and for other purposes.105th Congress (1997-1998)
|Sponsor:||Rep. Neal, Richard E. [D-MA-2] (Introduced 06/11/1998)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 06/11/1998 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.4053 — 105th Congress (1997-1998)All Information (Except Text)
Introduced in House (06/11/1998)
Amends the Internal Revenue Code to repeal: (1) the overall limitation on itemized deductions; and (2) the phaseout of personal exemptions.
Increases, by 1.59 percent, an individual's taxes if the individual's adjusted gross income exceeds $75,000 (twice such amount on a joint return).