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Individual Retirement Accounts (IRAs): Legislative Issues in the 106th Congress

Description: Bills introduced in the 106th Congress would have raised the limit on contributions to individualretirement accounts(IRAs) and eased other federal IRA rules. The House passed H.R. 5203, incorporating the higher IRA contribution limits of H.R.1102, on September 19, 2000. The IRA provisions of the bill would have cost $21.7 billion in foregone revenue over 10 years. The Senate Finance Committee ordered H.R. 1102 reported (with amendments) on September 7, 2000, but the bill did not reach the Senat… more
Date: January 10, 2001
Creator: Storey, James R.
Partner: UNT Libraries Government Documents Department
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Individual Retirement Accounts: A Fact Sheet

Description: This report discusses general information about individual retirement accounts (IRAs), established by the Employee Retirement Income Security Act of 1974 (P.L. 93-406) to promote retirement saving; the accounts were limited at first to workers (and spouses) who lacked employer pension coverage.
Date: February 22, 2001
Creator: Graney, Paul J.
Partner: UNT Libraries Government Documents Department
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Characteristics of and Reporting Requirements for Selected Tax-Exempt Organizations

Description: This report addresses in summary fashion the differences among several kinds of tax-exempt organizations described in Internal Revenue Code [IRC] subsections 501(c)(3), 501(c)(4), 501(c)(5), 501(c)(6), and section 527. Each of these types of organization has a unique statutory definition, is subject to certain statutory limitations on its activities, enjoys certain benefits from obtaining tax-exempt status, and must share certain information with the general public. Following the report is a ta… more
Date: March 8, 2001
Creator: Morris, Marie B.
Partner: UNT Libraries Government Documents Department
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527 Organizations: Reporting Requirements Imposed on Political Organizations after the Enactment of P.L. 106-230

Description: On July 1, 2000, President Clinton signed H.R. 4762, P.L. 106-230. The law amended the Internal Revenue Code [IRC] to require political organizations described in IRC § 527 to disclose their political activities, if they were not already required to do so by the Federal Election Campaign Act [FECA]. This report summarizes the three major changes made by the law and some of the major responses to the legislation. First, all 527 organizations which expect to have over $25,000 in gross receipts du… more
Date: March 19, 2001
Creator: Morris, Marie B.
Partner: UNT Libraries Government Documents Department
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The Federal Income Tax and the Treatment of Married Couples: Background and Analysis

Description: Defining the married couple as a single tax unit under the federal individual income tax means that some married couples pay more income tax than they would as two unmarried singles (a marriage tax penalty) while other married couples pay less income tax than they would as two unmarried singles (a marriage tax bonus).
Date: March 23, 2001
Creator: Esenwein, Gregg A.
Partner: UNT Libraries Government Documents Department
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Across-the-Board Tax Cuts: Economic Issues

Description: This report examines economic issues relating to across-the-board tax cuts, focusing primarily on distributional issues. The report is divided into four sections. The first section provides a general overview of the tax system. The next discusses recent proposals relating to across-the-board tax cuts. The third section discusses methods of evaluating alternative types of across-the-board tax cuts. The final section briefly discusses issues of efficiency, simplicity, and stabilization policy.
Date: March 30, 2001
Creator: Gravelle, Jane G.
Partner: UNT Libraries Government Documents Department
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The Child Tax Credit and the President's Tax Cut Plan

Description: The child tax credit was enacted as part of the Taxpayer Relief Act of 1997. The current credit is $500 per qualifying child. President Bush has proposed increasing the child tax credit to $1,000 per qualifying child. The President has also proposed making permanent the temporary rule in current law that allows the child tax credit to offset a taxpayer’s alternative minimum tax.
Date: March 30, 2001
Creator: Esenwein, Gregg A.
Partner: UNT Libraries Government Documents Department
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Tax Benefits for Health Insurance: Current Legislation

Description: A number of new or expanded tax benefits for health insurance are being discussed in the first months of the 107th Congress. Several were included in the President's FY2002 budget, including a new refundable tax credit. Proponents generally argue that changes are needed to extend coverage to the uninsured and to address efficiency and equity problems; opponents generally doubt that the changes under consideration would make much difference. One issue is whether new or expanded benefits would li… more
Date: April 19, 2001
Creator: Lyke, Bob
Partner: UNT Libraries Government Documents Department
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