Hidden Rate Elimination Act of 2001

1/17/2023, 12:33 AM

Congressional Summary of HR 874

Hidden Rate Elimination Act of 2001 - Amends the Internal Revenue Code to provide for a reduction in tax rates for individuals for calendar year 2002, as well as further reductions through calendar year 2006.

Repeals the phaseout of personal exemptions.

Repeals the overall limitation on itemized deductions.

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Current Status of Bill HR 874

Bill HR 874 is currently in the status of Bill Introduced since March 6, 2001. Bill HR 874 was introduced during Congress 107 and was introduced to the House on March 6, 2001.  Bill HR 874's most recent activity was See H.R.1836. as of August 13, 2001

Bipartisan Support of Bill HR 874

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 874

Primary Policy Focus

Taxation

Potential Impact Areas

Cost of living adjustmentsEconomics and Public FinanceIncome taxIndexing (Economic policy)Personal income taxTax cutsTax deductionsTax exemptionTax rates

Alternate Title(s) of Bill HR 874

Hidden Rate Elimination Act of 2001To amend the Internal Revenue Code of 1986 to provide individual income tax rate reductions and to repeal the phaseouts of the deduction for personal exemptions and of itemized deductions.Hidden Rate Elimination Act of 2001
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Comments

Sponsors and Cosponsors of HR 874

Philip M. Crane
Philip M. Crane
Illinois(Independent)

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