S.818 - National Priorities Act of 2007

A bill to expand the middle class, reduce the gap between the rich and the poor, keep our promises to veterans, lower the poverty rate, and reduce the Federal deficit by repealing tax breaks for the wealthiest one percent and eliminating unnecessary Cold War era defense spending, and for other purposes. view all titles (2)

All Bill Titles

  • Short: National Priorities Act of 2007 as introduced.
  • Official: A bill to expand the middle class, reduce the gap between the rich and the poor, keep our promises to veterans, lower the poverty rate, and reduce the Federal deficit by repealing tax breaks for the wealthiest one percent and eliminating unnecessary Cold War era defense spending, and for other purposes. as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
03/08/07
 
 
 
 
 
 
 

Official Summary

National Priorities Act of 2007 - Rescinds after 2008 income tax reductions enacted under the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003 for taxpayers with gross incomes in 2008 of over $400,000. Reduces funding fo

Official Summary

National Priorities Act of 2007 - Rescinds after 2008 income tax reductions enacted under the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003 for taxpayers with gross incomes in 2008 of over $400,000. Reduces funding for the Department of Defense by $60 billion in FY2008. Authorizes the Secretary of Defense to make reductions by eliminating waste, fraud, and abuse, and weapon systems and other programs determined to be no longer a national security priority. Exempts from such reductions the needs of military personnel, including pay increases and health care. Dedicates increases in revenues resulting from this Act to:
(1) various programs for health care, education, energy conservation, and affordable housing;
(2) increasing the earned income credit; and
(3) reducing the federal deficit.

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