Vote Smart's Synopsis:

Vote to pass a bill that adjusts taxable income rates.

Highlights:

• Specifies that an individual with a federal adjusted gross income of less than or equal to $14,300 is not subject to income tax (Sec. 1).

• Specifies that income up to $28,600 for two individuals filing jointly, who do not have dependents, are not subject to income tax (Sec. 1).

• Specifies that any individual, or two individuals filing jointly, will receive an additional $4,000 deduction for each dependent, resulting in an increase in their overall taxable income by $4,000 (Sec. 1).

• Specifies the following taxable income for one individual (Sec. 4):

• Less than $10,300: $0;

• $50,000 to $100,000: $992.50 + 4% of the amount in excess of $50,000;

• $100,000 to $200,000: $2,992.50 + 4% of the amount in excess of $100,000;

• $200,000 to $250,000: $7,992 + 6% of the amount in excess of $200,000; or

• $250,000 or more: $10,992.50 + 7% of the amount in excess of $250,000.

Full Bill Text