Amendment101st Congress
Amendments en bloc: (1) reduced the increases in Medicare premiums and deductibility from $28 billion to $10 billion; (2) deleted certain provisions including gasoline tax increases, taxes on home heating fuels, extension of Medicare taxes to state and local government employees, limiting itemized deductions, increasing railroad tier II taxes, and the 2 week waiting period for unemployment benefits; (3) provided for increased revenues by raising the tax rate on the highest incomes to 33%, adding a 10% surtax on incomes above $1 million, increasing the minimum tax and the amount of salary subject to the Medicare payroll tax, and providing a 1 year delay in tax indexing; and (4) provided a limited reduction on capital gains by allowing an annual exclusion of $1,000 of capital gains earnings and by allowing taxpayers to exclude from their income 50% of up to $200,000 in lifetime capital gains.
- Amendment Number
- 871
- Description
- Amendments en bloc: (1) reduced the increases in Medicare premiums and deductibility from $28 billion to $10 billion; (2) deleted certain provisions including gasoline tax increases, taxes on home heating fuels, extension of Medicare taxes to state and local government employees, limiting itemized deductions, increasing railroad tier II taxes, and the 2 week waiting period for unemployment benefits; (3) provided for increased revenues by raising the tax rate on the highest incomes to 33%, adding a 10% surtax on incomes above $1 million, increasing the minimum tax and the amount of salary subject to the Medicare payroll tax, and providing a 1 year delay in tax indexing; and (4) provided a limited reduction on capital gains by allowing an annual exclusion of $1,000 of capital gains earnings and by allowing taxpayers to exclude from their income 50% of up to $200,000 in lifetime capital gains.
- Purpose
- An en bloc amendment consisting of several amendments to do the following: 1) Reduce the increases in Medicare premiums and deductibility; 2) eliminate several of the revenue provisions contained in the Summit Agreement, including gas tax increases, taxes on home heating fuels, abolishing the extention of Medicare taxes to state and local government employees, and the limitation on itemized deductions; 3) Add several revenue-raising provisions, such as raising the tax rate on the highest incomes to 33%, adding a 10% surtax on incomes above $1 million, increasingthe minimum tax rate, and providing for a one-year suspension of income tax indexing. The amendment would provide a limited reduction on capital gains by allowing an annual exclusion of $1,000 of capital gains earnings and by allowing taxpayers to exclude from their income 50% of up to $200,000 in lifetime capital gains.
- Congress
- 101
- Type
- HAMDT
- Latest Action Date
- Oct 16, 1990
- Latest Action Text
- On agreeing to the Rostenkowski amendments (A001) Agreed to by recorded vote: 238 - 192 (Roll no. 474).
- Latest Action Time
- 19:55:16
- Submitted Date
- Oct 16, 1990
- Chamber
- House of Representatives
- Update Date
- Jul 1, 2021