PlainBillCongress, translated.Legislation. Context. Public interest.Sponsor introductory remarks on measure. (CR E1624)
Congressional Research Service
Version 00 · Introduced in House · Jul 24, 2008
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.
People & committees
Rep. Walz, Timothy J. [D-MN-1] · D–MN
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Sponsor introductory remarks on measure. (CR E1624)
Referred to the House Committee on Ways and Means.
Sponsor introductory remarks on measure. (CR H7063)
Introduced in House
Introduced in House
Primary sources
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No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Aug 14, 2025. Consult Congress.gov for the current record.
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