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Marriage Penalty Tax Relief: The Gramm Amendment , Record No.: 98-522 E, Date: June 5, 1998 1 (June 5, 1998)

handle is hein.tera/crstax0199 and id is 1 raw text is: 98-522 E June 5, 1998 Marriage Penalty Tax Relief: The Gramm Amendment Gregg A. Esenwein Specialist in Public Finance Economics Division Summary On May 21, 1998, Senator Phil Gramm introduced an amendment to the Tobacco Settlement bill (S. 1415), wh ich e is iitended to vodide marriage eealty tax relief for low to iddle in1coe taxpiayers. The amendment would create a ne above-the-linei deduction for taxpayers filigg o oiit returns wose modified adjusted gross icomes fall below $'50000 i 1999. TIhais report, wi will be ldated if legislati e action warrants, rovides a brief desciptin of the ameentad dect oiscuses s assoi ated issues. For more detailed ieformuation o the federal income tax and ar rage see: U.S. Library of Cmond nress. C'ong(ressinal Researchi Service. The Federal lIncomie Tax anid Mlarriage Neutrality. CRS Repiort 97-1 90E, byen Ghregg A. Esewin ed. Jinar 1997. For i$formatio 4 o the tobacco settleient see: U.S. Librtr of onlress. Co0essional Researci Serice. The Tobacco Settlemienit: Issuies. C'RS Issuie Brief 98022, by C. Stephlen- Redhead. Updicated pieriodically. The Gramm Amendment On May 21, 1998, Senator Phil Gramnm introduced Amendment 2436 to the Tobacco Settlement bill (S. 1415). The amendment is intended to provide marriage penalty tax relief for low to moderate income households. The amendment is effective for tax years beginning in 1999. Specifically, the amendment creates a new above-the-line deduction for taxpayers filing joint returns whose modified adjusted gross incomes fall below $50,000 in 1999. In any given tax year, the flat deduction would be equal to the amount by which the sum of the standard deduction for single returns and head of household returns exceeds the regular standard deduction for joint returns. For example, if the amendment were in effect in tax year 1998, then the above the line deduction would be $3,400 (the $4,250 standard deduction for single returns plus the $6,250 standard deduction for head of Congressional Research Service o+o The Library of Congress CRS Report for Congress Received through the CRS Web

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