H.R.2999 - First Things First Act107th Congress (2001-2002)
|Sponsor:||Rep. Schakowsky, Janice D. [D-IL-9] (Introduced 10/02/2001)|
|Committees:||House - Ways and Means; Rules|
|Latest Action:||10/02/2001 Referred to the Committee on Ways and Means, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. (All Actions)|
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Summary: H.R.2999 — 107th Congress (2001-2002)All Bill Information (Except Text)
First Things First Act-Amends the Internal Revenue Code to raise certain highest marginal income tax rates. Amends the Economic Growth and Tax Relief Reconciliation Act of 2001 to: (1) repeal the phaseout of the overall limitation on itemized deductions and restore the phaseout of personal exemptions; and (2) repeal the termination of the estate and generation-skipping transfer taxes, step-up basis at death, and related items.
Introduced in House (10/02/2001)
Amends the Internal Revenue Code to increase the estate tax deduction for family-owned business interests.
Establishes the National Priorities Assessment Task Force in the legislative branch. Requires such Task Force to evaluate congressional success in the following areas: (1) the provision of aid and relief to persons injured as a result of the September 11, 2001, terrorist attacks; (2) the security of the Social Security and Medicare trust funds; (3) the provision of a comprehensive prescription drug benefit to Medicare beneficiaries; (4) the provision of Federal funding for school modernization and teacher hiring; and (5) a significant reduction in worst case housing needs.