S. 2423: A bill to repeal the reduction in the tax rate for the top tax bracket and to express the sense of the Senate that revenue savings from the repeal should be used to improve benefits under the Montgomery GI Bill by $6,000,000,000 over 10 years, to fund Federal Pell grants at the full amounts authorized for fiscal year 2004, and to double the fiscal year 2004 funding for Perkins loans, Federal work-study programs, and Federal supplemental educational opportunity grants (SEOG).
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S. 2423: A bill to repeal the reduction in the tax rate for the top tax bracket and to express the sense of the Senate that revenue savings from the repeal should be used to improve benefits under the Montgomery GI Bill by $6,000,000,000 over 10 years, to fund Federal Pell grants at the full amounts authorized for fiscal year 2004, and to double the fiscal year 2004 funding for Perkins loans, Federal work-study programs, and Federal supplemental educational opportunity grants (SEOG).
108th Congress · introduced 2004-05-13 · Taxation · Latest: Read twice and referred to the Committee on Finance.
federal
Follow this bill, step by step
- Where it came from: introduced 2004-05-13 · official record
- Who proposed it: Sen. Dayton, Mark [D-MN] · what a sponsor is
- What happened next: no floor votes in our records yet. Why?
- Where it stands now: Read twice and referred to the Committee on Finance. Not final yet: this can still change. We check for updates every day.
- If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.
Official title
A bill to repeal the reduction in the tax rate for the top tax bracket and to express the sense of the Senate that revenue savings from the repeal should be used to improve benefits under the Montgomery GI Bill by $6,000,000,000 over 10 years, to fund Federal Pell grants at the full amounts authorized for fiscal year 2004, and to double the fiscal year 2004 funding for Perkins loans, Federal work-study programs, and Federal supplemental educational opportunity grants (SEOG).
Plain summary
Amends the Internal Revenue Code to repeal the reduction in the top tax rate for individual taxpayers for taxable years beginning in 2003 and thereafter (increasing the rate from 35 to 39.6 percent). Expresses the sense of the Senate that any increase in Federal revenue resulting from the repeal of tax rate reductions by this Act should be used to improve benefits under the Montgomery GI Bill by $6 billion over ten years, to fund Federal Pell grants at the full amount authorized for FY 2004, and to double to FY 2004 funding for Perkins loans, Federal work-study programs, and Federal supplemental educational opportunity grants (SEOG).
Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.
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A “Nay” vote
If it is not passed, current law stays as it is.
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What does this mean? (plain words)
Official text
A bill to repeal the reduction in the tax rate for the top tax bracket and to express the sense of the Senate that revenue savings from the repeal should be used to improve benefits under the Montgomery GI Bill by $6,000,000,000 over 10 years, to fund Federal Pell grants at the full amounts authorized for fiscal year 2004, and to double the fiscal year 2004 funding for Perkins loans, Federal work-study programs, and Federal supplemental educational opportunity grants (SEOG).
Source: Congressional Research Service summary (Introduced in Senate)
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How did my representative vote? · This bill's floor votes
Officials and money
Sponsor: Sen. Dayton, Mark [D-MN] · 0 cosponsors
Cost estimate: No cost estimate published yet.
No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.
Words on this page, explained (3)
- Authorization
- A law that creates or continues a government program and says what it may do, often with a suggested spending ceiling. An authorization alone does not provide money; a separate appropriation does.
- Bill
- A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
- Fiscal year
- The 12-month period a government uses for its budget. The federal fiscal year runs from October 1 to September 30 and is named for the calendar year in which it ends. Most states use July 1 to June 30.
Plain meanings written from linked sources. All words.
Sources
- Congressional Research Service summary (Introduced in Senate)
- Congress.gov
- Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-108s2423.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/108/s>
Record fed-us-cong108-s2423 · catalog fed-us-congress-bills-cong108 · updated 2026-11-15 by psicol fed-bills-cong108