There is 1 version of this bill. View text

Click the check-box to add or remove the section, click the text link to scroll to that section.
Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - Senate

Short Titles as Introduced

Family Fairness and Opportunity Tax Reform Act

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to amend the Internal Revenue Code of 1986 to provide for simplification, to reduce the number of tax brackets, and for other purposes.

Actions Overview (1)

Date Actions Overview
10/30/2013Introduced in Senate

All Actions (1)

Date All Actions
10/30/2013Read twice and referred to the Committee on Finance.
Action By: Senate

Cosponsors (0)

No cosponsors.

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
Senate Finance10/30/2013 Referred to

No related bill information was received for S.1616.

Latest Summary (1)

There is one summary for S.1616. View summaries

Shown Here:
Introduced in Senate (10/30/2013)

Family Fairness and Opportunity Tax Reform Act - Amends the Internal Revenue Code, with respect to the taxation of individual and married taxpayers, to:

  • reduce to two the number of individual income tax brackets, imposing a 15% tax rate on income up to $87,850 ($175,700 for married couples filing a joint return and surviving spouses) and a 35% rate on income above such level;
  • eliminate or reduce the capital gains tax rate based on taxable income levels;
  • repeal after 2013 the alternative minimum tax (AMT) for individual and corporate taxpayers;
  • increase from $1,000 to $2,500 the child tax credit and make a portion of such credit refundable;
  • allow a new personal income tax credit of $2,000 for individual taxpayers ($4,000 for married couples filing a joint return and surviving spouses) in lieu of the standard tax deduction, the personal tax exemption, and certain itemized deductions, other than the deductions for mortgage interest and charitable contributions;
  • provide annual inflation adjustments after 2013 to income levels and credit amounts in this Act;
  • make mortgage interest and charitable contributions deductible from gross income (above-the-line deductions);
  • limit to $300,000 the deductible amount of acquisition indebtedness for principal residences (currently, $1 million);
  • repeal the additional hospital insurance tax on individual taxpayers earning over $200,000 ($250,000 for married couples filing joint tax returns); and
  • repeal the 3.8% Medicare tax on certain unearned income (e.g., income from rents, royalties, stocks, bonds, and other investments).