To amend the Internal Revenue Code of 1986 to accelerate the individual income tax rate cuts made by the Economic Growth and Tax Relief Reconciliation Act of 2001 and to make permanent all tax cuts made by that Act.

January 7, 2003

Mr. TIBERI introduced the following bill; which was referred to the Committee on Ways and Means

To amend the Internal Revenue Code of 1986 to accelerate the individual income tax rate cuts made by the Economic Growth and Tax Relief Reconciliation Act of 2001 and to make permanent all tax cuts made by that Act.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. ACCELERATION OF INDIVIDUAL INCOME TAX RATE CUTS.

(a) IN GENERAL- The table contained in paragraph (2) of section 1(i) of the Internal Revenue Code of 1986 (relating to reductions in rates after June 30, 2001) is amended to read as follows:

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 `In the case of taxable years beginning during calendar year: The corresponding percentages shall be substituted for the following percentages:                     

                                                                                                                                             28%   31%   36%   39.6% 

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                                                          2001                                                                             27.5% 30.5% 35.5%   39.1% 

                                                          2002                                                                             27.0% 30.0% 35.0%   38.6% 

                                           2003 and thereafter                                                                             25.0% 28.0% 33.0% 35.0%'. 

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(b) EFFECTIVE DATE- The amendments made by this section shall apply to taxable years beginning after December 31, 2002.

SEC. 2. ECONOMIC GROWTH AND TAX RELIEF RECONCILIATION ACT OF 2001 MADE PERMANENT.

Title IX of the Economic Growth and Tax Relief Reconciliation Act of 2001 (relating to compliance with Congressional Budget Act) is hereby repealed.

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