H.R. 143House111th Congress (2009-2011)In Committee

To amend the Internal Revenue Code of 1986 to provide for a two-month suspension of employment and income taxes, and for other purposes.

Introduced January 6, 2009

Legislative Activity

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HouseIntro Referral Latest Action

Referred to House Financial Services

January 6, 2009

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HouseIntro Referral

Introduced in House

January 6, 2009

HouseIntro Referral

Referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

January 6, 2009

HouseIntro Referral

Referred to House Ways and Means

January 6, 2009

HouseIntro Referral

Referred to House Financial Services

January 6, 2009

Floor Debate

6 members

What members said about H.R. 143 on the floor

6 Republicans
Michael C. Burgess
Rep. Michael C. BurgessR-TX-26 · Jan 26, 2009

Mr. Speaker, I thought I would come to the House floor and talk a little bit about health care, because for better or for worse, this Congress is likely to be remembered for some time as the Congress…

Louie Gohmert
Rep. Louie GohmertR-TX-1 · Jan 9, 2009

Madam Speaker, this weekend, a very important event will take place at Camp Mabry in Austin, Texas. My friend, fellow Texas Aggie, constituent, and citizen soldier Colonel James ``Red'' Brown will be…

K. Michael Conaway
Rep. K. Michael ConawayR-TX-11 · Jan 9, 2009

I thank my colleague from Tyler and Longview and Marshall and Henderson and all points east of Fort Worth. I appreciate his hosting this hour today. As we talk about President-elect Obama's stimulus…

Louie Gohmert
Rep. Louie GohmertR-TX-1 · Jan 26, 2009

I thank my friend from Texas, as well, Dr. Burgess and Dr. Gingrey. And I thank you, Mr. Speaker. But this all ties in together, when we're talking about health care, I had my staff pull the last…

Phil Gingrey
Rep. Phil GingreyR-GA-11 · Jan 26, 2009

I might say the real Dr. Phil, as a matter of fact. I am certainly pleased tonight to join my colleague, my colleague that I have just joined on the Energy and Commerce Committee in this 111th…

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Scott Garrett
Rep. Scott GarrettR-NJ-5 · Jan 9, 2009

I thank the gentleman for that and for the insightful comments. Maybe I should just begin with the gentleman from Utah for his comments with regard to the economy and the stimulus. The gentleman from…

Louie Gohmert
Rep. Louie GohmertR-TX-1 · Jan 15, 2009

Madam Speaker, we took up the issue of the Troubled Asset Recovery, whatever TARP stands for. $350 billion has been thrown, as one man wished it to be, as he directed. There's another $350 billion…

Rob Bishop
Rep. Rob BishopR-UT-1 · Jan 9, 2009

Thank you. I appreciate that pass-off very quickly here. The comments of Congressman Gohmert about General Brown, I think, are appropriate as a beginning for this entire discussion about the…

Bill Text

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Introduced in HouseIssued January 6, 2009

I

111th CONGRESS

1st Session

H. R. 143

IN THE HOUSE OF REPRESENTATIVES

January 6, 2009

Mr. Gohmert (for himself, Mr. Shadegg, Mrs. Blackburn, Mr. Carter, Mr. Franks of Arizona, Mr. Pence, Mr. Westmoreland, Mr. Sessions, Mr. McCotter, Mrs. Myrick, Mr. Kline of Minnesota, Mr. Akin, Mr. McHenry, Mr. Neugebauer, Mrs. McMorris Rodgers, Mrs. Bachmann, Mr. Garrett of New Jersey, Mr. Price of Georgia, Mr. Culberson, Mr. Paul, Mr. Burton of Indiana, Mr. Mack, Mr. Broun of Georgia, Mr. Lamborn, Mr. Pitts, Mr. Bartlett, Mr. Poe of Texas, Mr. Sam Johnson of Texas, Mr. Barrett of South Carolina, Mr. Gingrey of Georgia, Mr. Issa, Mr. Young of Alaska, Mr. Linder, Mr. Hall of Texas, Mr. Deal of Georgia, Mr. Platts, Mr. Flake, Mr. Nunes, Mr. Sensenbrenner, Mr. Terry, Ms. Fallin, Mr. Hensarling, Mr. Scalise, Mr. Latta, Mr. Conaway, Mr. Young of Florida, Mr. Marchant, Mr. Davis of Kentucky, Mr. Gerlach, Mr. Olson, and Mr. Hoekstra) introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned

A BILL

To amend the Internal Revenue Code of 1986 to provide for a two-month suspension of employment and income taxes, and for other purposes.

1.

Suspension of employment taxes

(a)

Tax on employees

Section 3101 of the Internal Revenue Code of 1986 (relating to rate of tax) is amended by adding at the end the following new subsection:

(d)

Suspension

In the case of wages received for service performed during the 2-month period beginning with the first full month after the date of the enactment of this subsection, the percentage under subsections (a) and (b) shall be zero percent.

.

(b)

Tax on employers

Section 3111 of such Code (relating to rate of tax) is amended by adding at the end the following new subsection:

(d)

Suspension

In the case of wages paid for service performed during the 2-month period beginning with the first full month after the date of the enactment of this subsection, the percentage under subsections (a) and (b) shall be zero percent.

.

(c)

Tax on self-employment income

Section 1401 of such Code (relating to rate of tax) is amended by adding at the end the following new subsection:

(d)

Suspension

In the case of self-employment income for service performed during the 2-month period beginning with the first full month after the date of the enactment of this subsection, the percentage under subsections (a) and (b) shall be zero percent.

.

(d)

Effective dates

(1)

The amendments made by subsections (a) and (b) shall apply to remuneration paid or received after the date of the enactment of this Act.

(2)

The amendment made by subsection (c) shall apply to taxable years beginning after December 31, 2008.

2.

Suspension of income taxes

(a)

In general

Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 (relating to items specifically excluded from gross income) is amended by inserting after section 139B the following new section:

139C.

Wage and self-employment income

In the case of an individual, gross income shall not include—

(1)

any remuneration for service performed during the 2-month period beginning with the first full month after the date of the enactment of this section, by an employee for his employer, including the cash value of all remuneration (including benefits) paid in any medium other than cash wages (as defined in section 3121), and

(2)

any self-employment income (as defined in section 1402) derived by such individual during such period.

.

(b)

Clerical amendment

The table of sections for such part is amended by inserting after the item relating to section 139B the following new item:

.

(c)

Effective date

The amendments made by this section shall apply to taxable years ending after December 31, 2008.

3.

Funding of Social Security trust funds with repealed TARP funds

(a)

Repeal of final $350 billion purchase authority under Troubled Assets Relief Program

Section 115 of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5225) is amended—

(1)

in subsection (a), by striking paragraph (3); and

(2)

by striking subsections (c), (d), (e), and (f).

(b)

Transfer to Social Security trust funds

(1)

Estimate of secretary

The Secretary of the Treasury (in consultation with the Secretary of Health and Human Services and the Commissioner of Social Security, as appropriate) shall estimate the impact that the enactment of this Act has on the income and balances of the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, and the Federal Hospital Insurance Trust Fund.

(2)

Transfer of funds

If, under subsection (a), the Secretary of the Treasury estimates that the enactment of this Act has a negative impact on the income and balances of any of such funds, the Secretary shall transfer from the general revenues of the Federal Government such sums as may be necessary so as to ensure that the income and balances of such funds are not reduced as a result of the enactment of this Act.

4.

Immediate termination of TARP purchase authority

(a)

In general

The authorities provided under section 101(a) of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5211), excluding section 101(a)(3) of such Act, shall terminate immediately upon the enactment of this Act.

(b)

Rule of construction

The termination under subsection (a) shall apply to any authority of the Secretary of the Treasury under the Emergency Economic Stabilization Act of 2008 to purchase preferred or other stock or equity in any financial institution.

(c)

Conforming amendment

The Emergency Economic Stabilization Act of 2008 is amended by striking section 120 (12 U.S.C. 5230).