U.S. Congress - H.R.2983 Middle Class Tax Relief Act of 2007
H.R.2983 - Middle Class Tax Relief Act of 2007
To amend the Internal Revenue Code of 1986 to provide middle class tax relief, impose a surtax for families with incomes over $1,000,000, and for other purposes. view all titles (2)
All Bill Titles
- Short: Middle Class Tax Relief Act of 2007 as introduced.
- Official: To amend the Internal Revenue Code of 1986 to provide middle class tax relief, impose a surtax for families with incomes over $1,000,000, and for other purposes. as introduced.
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Official Summary
7/10/2007--Introduced.Middle Class Tax Relief Act of 2007- Amends the Internal Revenue Code to: (1) allow individual taxpayers with adjusted gross incomes of less than $75,000 ($150,000 for joint returns) a tax credit for 10% of their income tax; (2) eliminate income taxes for individual tOfficial Summary
7/10/2007--Introduced.Middle Class Tax Relief Act of 2007- Amends the Internal Revenue Code to:
(1) allow individual taxpayers with adjusted gross incomes of less than $75,000 ($150,000 for joint returns) a tax credit for 10% of their income tax;
(2) eliminate income taxes for individual taxpayers with adjusted gross incomes of less than $12,500 ($25,000 for joint returns);
(3) double the child tax credit for individual taxpayers with adjusted gross incomes of less than $75,000 ($150,000 for joint returns);
(4) eliminate the alternative minimum tax in 2008 for certain individual taxpayers; and
(5) impose an income tax surtax on individual taxpayers with adjusted gross incomes of over $500,000 ($1 million for joint returns).
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