H.R.6595 - Middle Class Tax Fairness Act of 2008110th Congress (2007-2008)
|Sponsor:||Rep. Walz, Timothy J. [D-MN-1] (Introduced 07/24/2008)|
|Committees:||House - Ways and Means|
|Latest Action:||07/30/2008 Sponsor introductory remarks on measure. (All Actions)|
This bill has the status Introduced
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Summary: H.R.6595 — 110th Congress (2007-2008)All Information (Except Text)
Introduced in House (07/24/2008)
Middle Class Tax Fairness Act of 2008 - Amends the Internal Revenue Code to allow in 2008 and 2009: (1) an increase in the basic standard tax deduction; (2) a tax deduction for real property taxes for taxpayers who do not itemize their deductions; and (3) a reduction in the earned income threshold amount for determining the refundable portion of the child tax credit.
Provides for certain revenue-raising provisions, including: (1) treatment of net income and loss from an investment services partnership as ordinary income and loss; (2) denial of tax benefits for major integrated oil companies; (3) imposing a limit on tax deductions and exemptions for individuals with adjusted gross incomes in excess of $250,000 ($500,000 in the case of a joint tax return); (4) the inclusion in gross income of certain deferred compensation from foreign entities; (5) new reporting requirements for payment settlement entities and securities brokers; (6) repeal of tax rules for the worldwide allocation of interest for purposes of computing the limitation on the foreign tax credit; (7) new rules for the application of the economic substance doctrine to transactions affecting tax liability; and (8) penalties for underpayment of tax due to transactions lacking economic substance.
Requires any increase in tax receipts resulting from this Act to be used for deficit reduction purposes.