Research report Preliminary Analysis of The Family Fairness and Opportunity Tax Reform Act
Leonard E. Burman, Elaine Maag, Georgia Ivsin, Jeffrey Rohaly
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Senator Mike Lee's Family Fairness and Opportunity Tax Reform Act (S.1616) would significantly expand tax benefits for children, repeal the alternative minimum tax, and repeal the Affordable Care Act surtaxes on earnings and net investment income. To partially offset the cost of these provisions, the plan would consolidate filing statuses and tax brackets and repeal itemized deductions other than those for charitable contributions and home mortgage interest. TPC estimates that the plan would reduce tax revenues by $2.4 trillion over the ten-year budget period, 2014-2023, and remove roughly 12 million tax units from the federal income tax rolls in 2014.
Primary topic Individual Taxes
Research Area Alternative minimum tax (AMT) Child tax credit (CTC)/Child and dependent care tax credit (CDCTC) Health care