H.R. 6595: Middle Class Tax Fairness Act of 2008

110th Congress · introduced 2008-07-24 · Taxation · Latest: Sponsor introductory remarks on measure. (CR E1624)

federal

Follow this bill, step by step

Where it came from: introduced 2008-07-24 · official record
Who proposed it: Rep. Walz, Timothy J. [D-MN-1] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Sponsor introductory remarks on measure. (CR E1624) 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.

What does this mean?

Official title

Middle Class Tax Fairness Act of 2008

Plain summary

Middle Class Tax Fairness Act of 2008 - Amends the Internal Revenue Code to allow in 2008 and 2009: (1) an increase in the basic standard tax deduction; (2) a tax deduction for real property taxes for taxpayers who do not itemize their deductions; and (3) a reduction in the earned income threshold amount for determining the refundable portion of the child tax credit. Provides for certain revenue-raising provisions, including: (1) treatment of net income and loss from an investment services partnership as ordinary income and loss; (2) denial of tax benefits for major integrated oil companies; (3) imposing a limit on tax deductions and exemptions for individuals with adjusted gross incomes in excess of $250,000 ($500,000 in the case of a joint tax return); (4) the inclusion in gross income of certain deferred compensation from foreign entities; (5) new reporting requirements for payment settlement entities and securities brokers; (6) repeal of tax rules for the worldwide allocation of interest for purposes of computing the limitation on the foreign tax credit; (7) new rules for the application of the economic substance doctrine to transactions affecting tax liability; and (8) penalties for underpayment of tax due to transactions lacking economic substance. Requires any increase in tax receipts resulting from this Act to be used for deficit reduction purposes.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Middle Class Tax Fairness Act of 2008

Source: Congressional Research Service summary (Introduced in House)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Walz, Timothy J. [D-MN-1] · 8 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Steve Cohen (D-TN), Bill Foster (D-IL)

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 (4)

Exemption: A rule that removes certain people, property or activities from a tax or requirement.
Property tax: A tax on land, buildings and some business property, based on its value. In Texas it is set and collected by local governments (cities, counties, school districts and special districts), not by the state.
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.
Securities: Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in House)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-110hr6595.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/110/hr>

Record fed-us-cong110-hr6595 · catalog fed-us-congress-bills-cong110 · updated 2026-11-15 by psicol fed-bills-cong110