legislation: 95-hr-14256

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
95-hr-14256 95 hr 14256 American Tax Reduction Act Taxation 1978-10-06 1978-10-06 Referred to House Committee on Rules. House Rep. Dornan, Robert K. [R-CA-27] CA R D000435 24 American Tax Reduction Act - States as the purposes of this Act: (1) the reduction of the public debt; (2) the imposition of limits on Federal spending; (3) the inducement of Members of Congress to eliminate unneeded Federal programs; (4) the reduction of individual income taxes; (5) tax relief for homeowners; and (6) the indexation of tax rates to reflect inflation of income. Title I: Individual Income Tax Rate Reductions - Amends the Internal Revenue Code to reduce individual and estate and trust income tax rates for 1979, 1980, and 1981 and to make a permanent reduction in such rates for years after 1981. Title II: Provisions Relating to Capital Gains - Reduces the alternative tax on capital gains to 15 percent of the net capital gain. Eliminates capital gains as an item of tax preference for purposes of the minimum and maximum tax. Allows a taxpayer to elect to offset against taxable income all capital losses not in excess of taxable income. Permits a one year carryover of losses in excess of taxable income. Permits a one-time exclusion from gross income of $100,000 of the gain from the sale or exchange of a principal residence. Title III: Provisions Relating to Indexing for Inflation - Requires inflation adjustments to income brackets for purposes of the individual income tax, the normal tax on corporate income, and the surtax exemption. Requires a similar adjustment to capital assets for purposes of determining gain or loss and for estates and gifts in determining the tax at the time of transfer. Title IV: Reduction in Federal Spending - Limits Federal spending to 18 percent of the gross national product by 1983. Prohibits the consideration of any bill in Congress which would cause the spending limit to be exceeded. Title V: Reduction of the Public Debt - Requires the application of two percent of the annual Federal budget to the retirement of the Federal deficit. 2025-09-02T17:11:43Z  

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