Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill to cut taxes for married couples, farmers, students, and others, and to set aside a portion of the budget surplus for Social Security.

Highlights:

• Establishes the "Protect Social Security Account" to set aside 90 percent of the budget surpluses for Social Security until a reform measure is passed.

• Reduces the "marriage penalty" by making the basic standard deduction on a joint return equal to twice the deduction of a single return.

• Increases the exemption from estate and gift taxes to $1 million.

• Eliminates federal taxes on the first $400 of interest and dividend income for joint returns and $200 for single returns, except for capital gain dividends from regulated investment companies and real estate investment trusts.

• Increases the limits on earnings before there is a reduction in benefits for individuals who have attained retirement age but are under age 70.

• Allows a 100 percent deduction on health insurance for self-employed individuals.

• Extends the credit for increasing research activities, the work-opportunity credit, and the welfare-to-work credit from April 30, 1999 to February 29, 2000.

Full Bill Text

Full Bill Text