H.R. 463 (101st): Crane Tithe Tax Act of 1989

Introduced:
Jan 04, 1989 (101st Congress, 1989–1990)
Status:
Died (Referred to Committee)
Sponsor
Philip “Phil” Crane
Representative for Illinois's 12th congressional district
Party
Republican
Related Bills
H.R. 111 (100th) was a previous version of this bill.

Referred to Committee
Last Action: Jan 06, 1987

H.R. 313 (102nd) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: Jan 03, 1991

 
Status

This bill was introduced on January 4, 1989, in a previous session of Congress, but was not enacted.

Progress
Introduced Jan 04, 1989
Referred to Committee Jan 04, 1989
 
Full Title

To amend the Internal Revenue Code of 1986 to repeal the income taxation of corporations, to impose a 10 percent tax on the earned income (and only the earned income) of individuals, to repeal the estate and gift taxes, to provide amnesty for all tax liability for prior taxable years, and for other purposes.

Summary

No summaries available.

Cosponsors
4 cosponsors (4R) (show)
Committees

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


1/4/1989--Introduced.
Crane Tithe Tax Act of 1989 - Amends the Internal Revenue Code to repeal the following taxes:
(1) the corporate income tax;
(2) the alternative minimum tax insofar as it applies to corporations;
(3) the tax on the unrelated business income of tax-exempt organizations;
(4) the tax on the accumulated earnings of certain corporations;
(5) the tax applied to personal holding companies;
(6) the alternative tax for certain mutual savings banks;
(7) income taxes imposed on insurance companies, regulated investment companies, and real estate investment trusts; and
(8) the tax on the income of foreign corporations connected with U.S. business.
Revises the individual income tax to impose a ten percent tax on an individual's earned income that exceeds $10,000 (adjusted annually based on the Consumer Price Index). Includes as earned income:
(1) wages, salaries, and other employee compensation;
(2) net earnings from self-employment; and
(3) dividends from a personal service corporation or other direct or indirect compensation for services.
Exempts tips and amounts received as a pension or annuity.
Declares tax amnesty with respect to income tax liability and associated penalties and interest for pre-1988 taxable years.
Repeals all tax exclusions, tax deductions, and tax credits currently used to determine individual income tax liability.
Repeals the estate tax, the gift tax, and the tax on certain generation-skipping transfers.
Directs the Secretary of the Treasury, within 90 days of enactment, to submit to a specified congressional committee a draft of conforming and technical Internal Revenue Code changes required to reflect the changes made by this Act.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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