Tax Policy Center

2006 Tax Reconciliation

Individual Taxes

T06-0071 - IRA Conversion Provision Fully-Phased In Impact at 2006 Income Levels, Distribution of Federal Tax Change by Cash Income Class

A reported element of the 2006 tax reconciliation bill would allow taxpayers to roll over traditional IRAs into Roth IRAs in 2010 regardless of their incomes and pay the tax in two installments in 2011 and 2012. Under current law, taxpayers can only elect to convert their IRAs if their incomes are
May 1, 2006
Individual Taxes

T06-0072 - IRA Conversion Provision Fully-Phased In Impact at 2006 Income Levels, Distribution of Federal Tax Change by Cash Income Percentile

A reported element of the 2006 tax reconciliation bill would allow taxpayers to roll over traditional IRAs into Roth IRAs in 2010 regardless of their incomes and pay the tax in two installments in 2011 and 2012. Under current law, taxpayers can only elect to convert their IRAs if their incomes are
May 1, 2006
Individual Taxes: Alternative Minimum Tax

T06-0073 - Possible Major Individual Income Tax Provisions in 2006 Tax Reconciliation Bill Fully-Phased In Impact at 2006 Income Levels, Distribution of Federal Tax Change by Cash Income Class

The House and Senate are negotiating a tax cut package for 2006. This table shows the distribution of benefits by income percentile for the following reported components of the package: increasing the exemption levels for the Alternative Minimum Tax, extending the dividends and capital gains tax
May 1, 2006
Individual Taxes: Alternative Minimum Tax

T06-0074 - Possible Major Individual Income Tax Provisions in 2006 Tax Reconciliation Bill Fully-Phased In Impact at 2006 Income Levels, Distribution of Federal Tax Change by Cash Income Percentile

The House and Senate are negotiating a tax cut package for 2006. This table shows the distribution of benefits by income percentile for the following reported components of the package: increasing the exemption levels for the Alternative Minimum Tax, extending the dividends and capital gains tax
May 1, 2006
Individual Taxes

T06-0075 - Possible Elements of 2006 Tax Reconciliation Bill, Eliminate Income Limitation on Roth IRA Contributions, Distribution of Federal Tax Change by Cash Income Class, 2006

A reported component of the tax reconciliation bill being negotiated between the House and Senate is the elimination of income limitations on Roth IRA contributions, effective January 1, 2006. Under current law, the income limits are $4,000 for an individual and $8,000 for a couple in 2006, and $5,
May 2, 2006
Individual Taxes

T06-0076 - Possible Elements of 2006 Tax Reconciliation Bill, Eliminate Income Limitation on Roth IRA Contributions, Distribution of Federal Tax Change by Cash Income Percentile, 2006

A reported component of the tax reconciliation bill being negotiated between the House and Senate is the elimination of income limitations on Roth IRA contributions, effective January 1, 2006. Under current law, the income limits are $4,000 for an individual and $8,000 for a couple in 2006, and $5,
May 2, 2006
Individual Taxes

T06-0077 - Possible Elements of 2006 Tax Reconciliation Bill, Eliminate Income Limitation on Roth IRA Contributions and Allow Conversions Regardless of Income, Distribution of Federal Tax Change by Cash Income Class, 2006

The tax reconciliation bill being negotiated between the House and Senate is reported to include the elimination of income limitations on Roth IRA contributions and the elimination of income limitations on Roth IRA conversions. Under current law, the income limits to Roth IRA contributions are $4,
May 2, 2006
Individual Taxes

T06-0078 - Possible Elements of 2006 Tax Reconciliation Bill, Eliminate Income Limitation on Roth IRA Contributions and Allow Conversions Regardless of Income, Distribution of Federal Tax Change by Cash Income Percentile, 2006

The tax reconciliation bill being negotiated between the House and Senate is reported to include the elimination of income limitations on Roth IRA contributions and the elimination of income limitations on Roth IRA conversions. Under current law, the income limits to Roth IRA contributions are $4,
May 2, 2006
Individual Taxes: Alternative Minimum Tax

T06-0081 - Possible Elements of 2006 Tax Reconciliation Bill: Increase AMT Exemption and Allow Credits Against AMT, Distribution of Federal Tax Change by Cash Income Class, 2006

A likely element of the tax reconciliation bill being negotiated between the House and Senate is AMT relief. This table shows effects of increasing the AMT exemption to $62,550 for married couples filing a joint return, $42,500 for singles and heads of household, and $31,275 for married individuals
May 8, 2006
Individual Taxes: Alternative Minimum Tax

T06-0082 - Possible Elements of 2006 Tax Reconciliation Bill: Increase AMT Exemption and Allow Credits Against AMT, Distribution of Federal Tax Change by Cash Income Percentile, 2006

A likely element of the tax reconciliation bill being negotiated between the House and Senate is AMT relief. This table shows effects of increasing the AMT exemption to $62,550 for married couples filing a joint return, $42,500 for singles and heads of household, and $31,275 for married individuals
May 8, 2006
Individual Taxes

T06-0084 - Possible Elements of 2006 Tax Reconciliation Bill, Illustrative Change in Income Taxes from Roth Conversion Provision in Reported Tax Reconciliation Agreement, 2011 to 2049

The tax reconciliation bill being negotiated between the House and Senate is reported to include the elimination of income limitations on Roth IRA contributions and the elimination of income limitations on Roth IRA conversions. This table shows the annual revenue change resulting from the Roth
May 8, 2006
Individual Taxes: Alternative Minimum Tax

T06-0085 - Conference Agreement on the Tax Increase Prevention and Reconciliation Act of 2005, Fully-Phased In Impact of Major Provisions at 2006 Income Levels, Distribution of Federal Tax Change by Cash Income Class

The House and Senate are negotiating a tax cut package for 2006. This table shows the distribution of benefits by income percentile for the following reported components of the package: increasing the exemption levels for the Alternative Minimum Tax, extending the dividends and capital gains tax
May 9, 2006
Individual Taxes: Alternative Minimum Tax

T06-0086 - Conference Agreement on the Tax Increase Prevention and Reconciliation Act of 2005, Fully-Phased In Impact of Major Provisions at 2006 Income Levels, Distribution of Federal Tax Change by Cash Income Percentile

The House and Senate are negotiating a tax cut package for 2006. This table shows the distribution of benefits by income percentile for the following reported components of the package: increasing the exemption levels for the Alternative Minimum Tax, extending the dividends and capital gains tax
May 9, 2006
Individual Taxes

T06-0087 - Elements of 2006 Tax Reconciliation Bill, Illustrative Change in Income Taxes from Roth Conversion Provision in Reported Tax Reconciliation Agreement, 2007 to 2049

The tax reconciliation bill being voted on in the Senate includes the elimination of income limitations on Roth IRA contributions and the allowance of Roth IRA conversions. This revised table shows the annual revenue change resulting from the Roth conversion provision, for fiscal and calendar years
May 10, 2006
Individual Taxes: Alternative Minimum Tax

T06-0088 - Conference Agreement on the Tax Increase Prevention and Reconciliation Act of 2005, Fully-Phased In Impact of Major Provisions at 2006 Income Levels, With Lump-Sum Financing, Distribution of Federal Tax Change by Cash Income Class

The Conference Agreement on the Tax Increase Prevention and Reconciliation Act of 2005 includes the following components: increasing the exemption levels for the Alternative Minimum Tax, extending the dividends and capital gains tax rate cuts to 2009 and 2010, and the elimination of income limits
May 14, 2006
Individual Taxes: Alternative Minimum Tax

T06-0089 - Conference Agreement on the Tax Increase Prevention and Reconciliation Act of 2005, Fully-Phased In Impact of Major Provisions at 2006 Income Levels, With Lump-Sum Financing, Distribution of Federal Tax Change by Cash Income Percentile

The Conference Agreement on the Tax Increase Prevention and Reconciliation Act of 2005 includes the following components: increasing the exemption levels for the Alternative Minimum Tax, extending the dividends and capital gains tax rate cuts to 2009 and 2010, and the elimination of income limits
May 14, 2006
Individual Taxes: Alternative Minimum Tax

T06-0090 - Conference Agreement on the Tax Increase Prevention and Reconciliation Act of 2005, Fully-Phased In Impact of Major Provisions at 2006 Income Levels, With Financing Proportional to Income, Distribution of Federal Tax Change by Cash Income Class

The Conference Agreement on the Tax Increase Prevention and Reconciliation Act of 2005 includes the following components: increasing the exemption levels for the Alternative Minimum Tax, extending the dividends and capital gains tax rate cuts to 2009 and 2010, and the elimination of income limits
May 14, 2006
Individual Taxes: Alternative Minimum Tax

T06-0091 - Conference Agreement on the Tax Increase Prevention and Reconciliation Act of 2005, Fully-Phased In Impact of Major Provisions at 2006 Income Levels, With Financing Proportional to Income, Distribution of Federal Tax Change by Cash Income Percentile

The Conference Agreement on the Tax Increase Prevention and Reconciliation Act of 2005 includes the following components: increasing the exemption levels for the Alternative Minimum Tax, extending the dividends and capital gains tax rate cuts to 2009 and 2010, and the elimination of income limits
May 14, 2006
Individual Taxes: Alternative Minimum Tax

T06-0092 - Conference Agreement on the Tax Increase Prevention and Reconciliation Act of 2005, Fully-Phased In Impact of Major Provisions at 2006 Income Levels, With Financing Proportional to Individual Income Tax, Distribution by Cash Income Class

The Conference Agreement on the Tax Increase Prevention and Reconciliation Act of 2005 includes the following components: increasing the exemption levels for the Alternative Minimum Tax, extending the dividends and capital gains tax rate cuts to 2009 and 2010, and the elimination of income limits
May 14, 2006
Individual Taxes: Alternative Minimum Tax

T06-0093 - Conference Agreement on the Tax Increase Prevention and Reconciliation Act of 2005, Fully-Phased In Impact of Major Provisions at 2006 Income Levels, With Financing Proportional to Individual Income Tax, Distribution by Cash Income Percentile

The Conference Agreement on the Tax Increase Prevention and Reconciliation Act of 2005 includes the following components: increasing the exemption levels for the Alternative Minimum Tax, extending the dividends and capital gains tax rate cuts to 2009 and 2010, and the elimination of income limits
May 14, 2006