United States 113th Congress Status: Died 1 R cosponsors

S 1616 — Family Fairness and Opportunity Tax Reform Act

Last action — Read twice and referred to the Committee on Finance.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 113th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

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).

Bill Text

We don't have the full text on file for this bill yet.

Read S 1616 on the official United States source →

Action History

  1. Read twice and referred to the Committee on Finance.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Subjects

taxation housing
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Frequently asked questions

What does S 1616 do?
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).
Who sponsors S 1616?
S 1616 is sponsored by Mike Lee (R).
What is the current status of S 1616?
This bill died with 113th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track S 1616?
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