Congressman Mike Pence (R-IN) and Senator Jim DeMint (R-SC) introduced the Tax Relief Certainty Act today, according to a joint press release.
According to the release, this bill would:
- Make permanent the 2001 and 2003 individual income tax relief for all hard-working Americans — preserving the 10%, 15%, 25%, 28%, 33% and 35% income tax brackets, rather than allowing President Obama and Democrats to increase the top tax bracket to 39.6% and increase taxes on the lowest earning Americans in the bottom 10% bracket;
- Permanently repeal the immoral and unfair death tax, which increases from 35% to 55% on Jan. 1, 2013. Permanent repeal of the death tax would increase GDP by $118.8 billion and lead to $23.3 billion per year in new federal revenue;
- Prevent the tax increase on capital gains and dividends income for all Americans, rather than allowing the Democrats to increase the rates to 20% from the current 15%; and
- Permanently patch the Alternative Minimum Tax (AMT).