S. 126Senate108th Congress (2003-2005)In Committee

A bill to amend the Internal Revenue Code of 1986 to suspend future reductions of the highest income tax rate if there exists a Federal on-budget deficit.

Introduced January 9, 2003

Legislative Activity

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3 earlier actions
SenateIntro Referral Latest Action

Sponsor introductory remarks on measure. (CR S9571)

September 23, 2004

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SenateIntro Referral

Introduced in Senate

January 9, 2003

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S157-158)

January 9, 2003

SenateIntro Referral

Read twice and referred to the Committee on Finance.

January 9, 2003

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S9571)

September 23, 2004

Floor Debate

16 members

What members said about S. 126 on the floor

5 Republicans11 Democrats
Russell D. Feingold
Sen. Russell D. FeingoldD-WI · Jan 9, 2003

Mr. President, I rise today to introduce the Crane Conservation Act of 2003. I am very pleased that the Senator from Louisiana, Ms. Landrieu, has joined me as a cosponsor of this bill. I propose this…

Dianne Feinstein
Sen. Dianne FeinsteinD-CA · Jan 9, 2003

Mr. President, I rise today to re-introduce legislation at the start of this new Congress to protect those living along the California-Mexican border from harmful power plant emissions. This bill,…

Joseph I. Lieberman
Sen. Joseph I. LiebermanD-CT · Jan 9, 2003

Mr. President, I rise today to join my friend and colleague, Senator McCain, to introduce the first ever comprehensive legislation to limit the emissions of greenhouse gases in the United States.…

Russell D. Feingold
Sen. Russell D. FeingoldD-WI · Jan 9, 2003

Mr. President, I rise today to introduce the Crane Conservation Act of 2003. I am very pleased that the Senator from Louisiana, Ms. Landrieu, has joined me as a cosponsor of this bill. I propose this…

Kay Bailey Hutchison
Sen. Kay Bailey HutchisonR-TX · Jan 9, 2003

Mr. President, I am pleased to introduce a bill to provide permanent tax relief from one of the most egregious, anti- family aspects of the tax code, the marriage penalty. Relieving American…

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Barbara Boxer
Sen. Barbara BoxerD-CA · Jan 9, 2003

Mr. President, today I am reintroducing the child Support Enforcement Act. This bill will bring much-needed relief to the millions of families who are not receiving the child support they desperately…

Joseph R. Biden Jr.
Sen. Joseph R. Biden Jr.D-DE · Jul 15, 2004

Mr. President, today I am submitting a resolution designating October 15, 2004, as ``National Mammography Day.'' I am pleased that 51 of my colleagues have endorsed this proposal by agreeing to be…

John McCain
Sen. John McCainR-AZ · Jan 9, 2003

Mr. President, the National Academy of Science has said, ``Greenhouse gases are accumulating in the Earth's atmosphere as a result of human activities, causing surface air temperatures and subsurface…

Dianne Feinstein
Sen. Dianne FeinsteinD-CA · Jan 9, 2003

Mr. President, I rise to introduce a bill, with Senator Chafee, to freeze the top income tax rate at its current level of 38.6 percent, until such time as the Federal budget returns to surpluses. We…

John D. Rockefeller IV
Sen. John D. Rockefeller IVD-WV · Jan 9, 2003

Mr. President, this budget cycle State legislators face the largest deficits in 50 years. To balance combined budget deficits of $60 to $85 billion, most States will be forced to raise taxes and cut…

John Edwards
Sen. John EdwardsD-NC · Jan 9, 2003

Mr. President, I rise to introduce, together with Senator Hollings, the Emergency Warning Act of 2003. In the event of a terrorist attack or natural disaster, Americans must know how to respond. In…

Harry Reid
Sen. Harry ReidD-NV · Jan 9, 2003

Mr. President. Today I am joined by Senators Clinton, Jeffords, Lieberman, Harkin and Edwards in introducing the Nuclear Security Act of 2003. The tragedy of September 11 taught us many things. It…

Paul S. Sarbanes
Sen. Paul S. SarbanesD-MD · Jan 9, 2003

Mr. President, I am pleased to join with Senator Shelby and others of my colleagues in introducing the National Flood Insurance Program Reauthorization Act of 2003. This legislation is similar to…

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Barbara A. Mikulski
Sen. Barbara A. MikulskiD-MD · Jul 15, 2004

Mr. President, I am proud to join with Senator Smith in submitting this resolution to commemorate the 1944 Warsaw Uprising against the Nazi German occupation. The Polish and American people have…

Gordon H. Smith
Sen. Gordon H. SmithR-OR · Jul 15, 2004

Mr. President, today I am submitting a resolution to commemorate the 60th anniversary of the Warsaw Uprising. For those who are not familiar with the details of this remarkable event, this…

Barbara Boxer
Sen. Barbara BoxerD-CA · Jan 9, 2003

Mr. President, today I am reintroducing the child Support Enforcement Act. This bill will bring much-needed relief to the millions of families who are not receiving the child support they desperately…

Richard C. Shelby
Sen. Richard C. ShelbyR-AL · Jan 9, 2003

Mr. President, I rise today to introduce the ``National Flood Insurance Program Reauthorization Act of 2003.'' This bill, which is cosponsored by the Ranking Democrat on the Banking Committee,…

Ben Nelson
Sen. Ben NelsonD-NE · Jan 9, 2003

Mr. President, today I am pleased to introduce legislation to assist State governments badly hurt by poor economic conditions and declining revenue. This legislation, that I am proud to be…

Jon Kyl
Sen. Jon KylR-AZ · Jan 9, 2003

Mr. President, I ask unanimous consent that the text of this bill be printed in the Record.

Bill Text

Latest available legislative text

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Latest
Introduced in SenateIssued January 9, 2003
        [Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 126 Introduced in Senate (IS)]

108th CONGRESS
1st Session
S. 126

To amend the Internal Revenue Code of 1986 to suspend future reductions
of the highest income tax rate if there exists a Federal on-budget
deficit.

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

January 9, 2003

Mrs. Feinstein (for herself and Mr. Chafee) introduced the following
bill; which was read twice and referred to the Committee on Finance

_______________________________________________________________________

A BILL

To amend the Internal Revenue Code of 1986 to suspend future reductions
of the highest income tax rate if there exists a Federal on-budget
deficit.

Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,

SECTION 1. SUSPENSION OF CERTAIN INCOME TAX RATE REDUCTIONS IN CASE OF
FEDERAL ON-BUDGET DEFICIT.

Section 1(i) of the Internal Revenue Code of 1986 (relating to rate
reductions after 2000) is amended by redesignating paragraph (3) as
paragraph (4) and by inserting after paragraph (2) the following new
paragraph:
``(3) Suspension of highest rate reductions in case of
federal on-budget deficit.--Notwithstanding the table contained
in paragraph (2)--
``(A) Initial determination.--If the Secretary
determines on October 1, 2003, that there exists a
Federal on-budget deficit for the fiscal year beginning
on such date, the reduction in the highest rate under
such table to 37.6 percent shall be suspended until the
beginning of the first calendar year following the
first succeeding October 1 on which it is determined
that such a deficit does not exist.
``(B) Subsequent determination.--On October 1 of
the year following the first calendar year described in
subparagraph (A), if the Secretary determines that a
Federal on-budget deficit exists for the fiscal year
beginning on such date, the reduction in the highest
rate under such table to 35.0 percent shall be
suspended until the beginning of the first calendar
year following the first succeeding October 1 on which
it is determined that such a deficit does not exist.
``(C) Data for determination.--Any determination by
the Secretary under this paragraph with respect to any
fiscal year shall be based on the most recent budgetary
data for such fiscal year submitted to Congress under
section 1106 of title 31, United States Code.''.
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