Vote Smart's Synopsis:

Vote to pass a bill that provides for a credit against property taxes for households with incomes up to $250,000, and increases income tax rates for those with incomes over $1 million.

Highlights:

- Provides taxpayers with the following credits against property taxes, depending on their income level [Part A (sec. 1) (F-1) (3)]:

- 25 percent for gross household incomes of less than $90,000; - 20 percent for gross household incomes between $90,000 and $125,000; and -15 percent for gross household incomes between $125,000 and $250,000.

- Increases the income tax rates for married individuals filing a joint return as follows [Part B (sec. 1) (a) (1)]:

- $67,706 plus 7.85 percent of excess over $1 million for incomes between $1 million and $5 million; and - $381,706 plus 8.6 percent of excess over $5 million for incomes greater than $5 million.

- Increases the income tax rates for heads of households as follows [Part B (sec. 1) (b)]:

- $67,937 plus 7.85 percent of excess over $1 million for incomes between $1 million and $5 million; and - $381,937 plus 8.6 percent of excess over $5 million for incomes greater than $5 million.

- Increases income tax rates for unmarried individuals or married individuals filing separate returns as follows [Part B (sec. 1) (c)]:

- $68,103 plus 7.85 percent of excess over $1 million for incomes between $1 million and $5 million; and - $382,103 plus 8.6 percent of excess over $5 million for incomes greater than $5 million.

Full Bill Text