Marriage Penalty and Family Tax Relief Act of 2001

Hozzl · 2023-01-17T00:17:59Z

Explore the details of House Bill 6 Marriage Penalty and Family Tax Relief Act of 2001 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

1/17/2023, 12:17 AM

Congressional Summary of HR 6

Marriage Tax Elimination Act of 2001 - Amends the Internal Revenue Code (IRC) to provide that the basic standard deduction on a joint return shall be equal to 200 percent of the dollar amount of an individual who is not married.

Provides a schedule for making, by 2005, the maximum taxable income in the lowest married bracket equal to double the maximum taxable income in the lowest single filer bracket.

Increases the earned income credit phaseout amount on a joint return by $2,000.

Revises IRC provisions relating to limitation based on tax liability and the definition of such liability to provide that the aggregate amount of credits allowed as nonrefundable personal credits shall not exceed the sum of: (1) the taxpayer's regular tax liability for the taxable year reduced by the foreign tax credit; and (2) the tax imposed by the alternative minimum tax.

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Current Status of Bill HR 6

Bill HR 6 is currently in the status of Bill Introduced since March 15, 2001. Bill HR 6 was introduced during Congress 107 and was introduced to the House on March 15, 2001. Bill HR 6's most recent activity was See H.R.1836. as of August 13, 2001

Bipartisan Support of Bill HR 6

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

227

Democrat Cosponsors

Republican Cosponsors

210

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 6

Primary Policy Focus

Taxation

Potential Impact Areas

Cost of living adjustmentsEarned income tax creditEconomics and Public FinanceFamiliesForeign tax creditGovernment spending reductionsGovernment trust fundsIncome taxIndexing (Economic policy)Married peopleMedicareMinimum taxOld age, survivors and disability insurancePersonal income taxSocial WelfareSocial security financeTax creditsTax deductionsTax exemptionTax ratesTax refunds

Alternate Title(s) of Bill HR 6

Marriage Penalty and Family Tax Relief Act of 2001To amend the Internal Revenue Code of 1986 to reduce the marriage penalty by providing for adjustments to the standard deduction, 15-percent rate bracket, and earned income credit and to allow the nonrefundable personal credits against regular and minimum tax liability.Marriage Tax Elimination Act of 2001Marriage Penalty and Family Tax Relief Act of 2001To amend the Internal Revenue Code of 1986 to reduce the marriage penalty by providing for adjustments to the standard deduction, the 15-percent rate bracket, and the earned income credit, to increase the child credit and for other purposes.

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