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SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE.

(a) Short Title.--This Act may be cited as the ''Middle Class Tax
Relief Act of 1993''.
(b) Amendment of 1986 Code.--Except as otherwise expressly
provided, whenever in this Act an amendment or repeal is expressed in
terms of an amendment to, or repeal of, a section or other provision,
the reference shall be considered to be made to a section or other
provision of the Internal Revenue Code of 1986.

TITLE I--TAX RELIEF FOR MIDDLE-INCOME TAXPAYERS

SEC. 101. INCREASE IN PERSONAL EXEMPTION AMOUNT.

(a) In General.--Paragraph (1) of section 151(d) (defining
exemption amount) is amended to read as follows:
''(1) In general.--Except as otherwise provided in this
subsection, the term 'exemption amount' means the sum of--
''(A) a regular exemption amount equal to $2,000,
and
''(B) an additional exemption amount equal to
$1,000, in the case of a middle-income taxpayer.''
(b) Phaseout of Additional Exemption Amount.--Subsection (d) of
section 151 is amended by redesignating paragraph (4) as paragraph (5),
and by inserting after paragraph (3) the following new paragraph:
''(4) Special rules relating to middle-income taxpayer
additional exemption amount.--
''(A) Definition of middle-income taxpayer.--
''(i) In general.--For purposes of this
subsection, the term 'middle-income taxpayer'
means a taxpayer whose adjusted gross income
for the taxable year does not exceed the
applicable maximum dollar amount.
''(ii) Applicable maximum dollar amount.--
For purposes of this paragraph, the term
'applicable maximum dollar amount' means--
''(I) $102,000 in the case of a
joint return or a surviving spouse (as
defined in section 2(a)),
''(II) $87,300 in the case of a
head of household (as defined in
section 2(b)),
''(III) $61,000 in the case of an
individual who is not married and is
not a surviving spouse or head of
household, and
''(IV) $51,000 in the case of a
married individual filing a separate
return.
''(B) Phaseout of additional exemption amount.--
''(i) In general.--In the case of any
middle-income taxpayer whose adjusted gross
income exceeds the applicable transition dollar
amount, the additional exemption amount shall
be reduced by the amount determined under
clause (ii).
''(ii) Amount of reduction.--The amount
determined under this clause with respect to
the additional exemption amount shall be the
amount which bears the same ratio to the
additional exemption amount as--
''(I) the excess of the taxpayer's
adjusted gross income for the taxable
year over the applicable transition
dollar amount, bears to
''(II) the excess of the applicable
maximum dollar amount over the
applicable transition dollar amount.
''(iii) Applicable transition dollar
amount.--For purposes of this subparagraph, the
term 'applicable transition dollar amount'
means--
''(I) $47,000 in the case of a
joint return or a surviving spouse (as
defined in section 2(a)),
''(II) $37,000 in the case of a
head of household (as defined in
section 2(b)),
''(III) $28,000 in the case of an
individual who is not married and is
not a surviving spouse or head of
household, and
''(IV) $23,500 in the case of a
married individual filing a separate
return.''
(c) Inflation Adjustments.--Paragraph (5) of section 151(d) (as so
redesignated by subsection (b) of this section) is amended by adding at
the end the following new subparagraph:
''(C) Adjustments relating to additional exemption
amount.--In the case of any taxable year beginning in a
calendar year after 1994, the dollar amount contained
in paragraph (1)(B) and each dollar amount contained in
paragraph (4) shall be increased by an amount equal
to--
''(i) such dollar amount, multiplied by
''(ii) the cost-of-living adjustment under
section 1(f)(3) for the calendar year in which
the taxable year begins, determined by
substituting 'calendar year 1993' for 'calendar
year 1989' in subparagraph (B) of such
section.''
(d) Conforming Amendments.--
(1) Paragraph (6) of section 1(f) is amended by striking
''section 151(d)(4)'' each place it appears and inserting
''section 151(d)(5)''.
(2) Paragraph (3) of section 151(d) is amended--
(A) in the paragraph caption, by inserting ''of
regular exemption amount'' after ''Phaseout'', and
(B) in subparagraph (A), by inserting ''regular''
before ''exemption amount''.
(3) Subparagraph (A) of section 151(d)(5) (as so
redesignated by subsection (b) of this section) is amended--
(A) in the matter preceding clause (i) by striking
''paragraph (1)'' and inserting ''paragraph (1)(A)'',
and
(B) by striking ''basic'' in the heading and
inserting ''regular''.
(e) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 1993.

TITLE II--REVENUE PROVISIONS

SEC. 201. INCREASE IN RATE OF INDIVIDUAL INCOME TAX FOR HIGH-INCOME
TAXPAYERS.

(a) In General.--
(1) Married individuals filing joint returns and surviving
spouses.--Subsection (a) of section 1 (relating to tax imposed
on married individuals filing joint returns and surviving
spouses) is amended by striking the item beginning ''Over
$78,400'' and inserting the following new items:

''Over $78,400 but not over
$100,000.
$17,733.50, plus 31% of the
excess over $78,400.
''Over $100,000................
$24,429.50, plus 36% of the
excess over $100,000.''
(2) Heads of households.--Subsection (b) of section 1
(relating to tax imposed on heads of households) is amended by
striking the item beginning ''Over $67,200'' and inserting the
following new items:

''Over $67,200 but not over
$85,000.
$15,429.50, plus 31% of the
excess over $67,200.
''Over $85,000.................
$20,947.50, plus 36% of the
excess over $85,000.''
(3) Unmarried individuals (other than surviving spouses and
heads of households).--Subsection (c) of section 1 (relating to
tax imposed on unmarried individuals, other than surviving
spouses and heads of households) is amended by striking the
item beginning ''Over $47,050'' and inserting the following new
items:

''Over $47,050 but not over
$70,000.
$10,645.50, plus 31% of the
excess over $47,050.
''Over $70,000.................
$17,760, plus 36% of the excess
over $70,000.''
(4) Married individuals filing separate returns.--
Subsection (d) of section 1 (relating to tax imposed on married
individuals filing separate returns) is amended by striking the
item beginning ''Over $39,200'' and inserting the following new
items:

''Over $39,200 but not over
$50,000.
$8,866.75, plus 31% of the
excess over $39,200.
''Over $50,000.................
$12,214.75, plus 36% of the
excess over $50,000.''
(5) Estates and trusts.--Subsection (e) of section 1
(relating to tax imposed on estates and trusts) is amended by
striking the item beginning ''Over $9,900'' and inserting the
following new items:

''Over $9,900 but not over
$12,600.
$2,343, plus 31% of the excess
over $9,900.
''Over $12,600.................
$3,180, plus 36% of the excess
over $12,600.''
(b) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 1993.

SEC. 202. SURTAX ON INDIVIDUALS WITH INCOMES OVER $225,000.

(a) General Rule.--Subchapter A of chapter 1 (relating to
determination of tax liability) is amended by adding at the end the
following new part:

''PART VIII--SURTAX ON INDIVIDUALS WITH INCOMES OVER $225,000

''Sec. 59B. Surtax on section 1 tax.
''Sec. 59C. Surtax on minimum tax.
''Sec. 59D. Special rules.

''SEC. 59B. SURTAX ON SECTION 1 TAX.

''In the case of an individual who has taxable income for the
taxable year in excess of $225,000, the amount of the tax imposed under
section 1 for such taxable year shall be increased by 15 percent of the
amount which bears the same ratio to the tax imposed under section 1
(determined without regard to this section) as--
''(1) the amount by which the taxable income of such
individual for such taxable year exceeds $225,000, bears to
''(2) the total amount of such individual's taxable income
for such taxable year.

''SEC. 59C. SURTAX ON MINIMUM TAX.

''In the case of an individual who has alternative minimum taxable
income for the taxable year in excess of $225,000, the amount of the
tentative minimum tax determined under section 55 for such taxable year
shall be increased by 2.5 percent of the amount by which the
alternative minimum taxable income of such taxpayer for the taxable
year exceeds $225,000.

''SEC. 59D. SPECIAL RULES.

''(a) Surtax to Apply to Estates and Trusts.--For purposes of this
part, the term 'individual' includes any estate or trust taxable under
section 1.
''(b) Treatment of Married Individuals Filing Separate Returns.--In
the case of a married individual (within the meaning of section 7703)
filing a separate return for the taxable year, sections 59B and 59C
shall be applied by substituting '$112,500' for '$225,000'.
''(c) Coordination With Other Provisions.--The provisions of this
part shall be applied--
''(1) after the application of section 1(h), but
''(2) before the application of any other provision of this
title which refers to the amount of tax imposed by section 1 or
55, as the case may be.''
(b) Clerical Amendment.--The table of parts for such subchapter A
is amended by adding at the end the following new item:

''Part VIII. Surtax on individuals with
incomes over $225,000.''
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 1993.

SEC. 203. INCREASE IN RATE OF CORPORATE INCOME TAX.

(a) In General.--Subparagraph (C) of section 11(b)(1) (relating to
amount of tax) is amended by striking ''34 percent'' and inserting ''36
percent''.
(b) Conforming Amendment.--Paragraph (2) of section 11(b) (relating
to ineligibility of personal service corporations for graduated rate)
is amended by striking ''34 percent'' and inserting ''36 percent''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 1993.

SEC. 204. INCREASE IN RATE OF INDIVIDUAL ALTERNATIVE MINIMUM TAX.

(a) In General.--Subparagraph (A) of section 55(b)(1) (relating to
tentative minimum tax) is amended by striking ''24 percent'' and
inserting ''27 percent''.
(b) Effective Date.--The amendment made by this section shall apply
to taxable years beginning after December 31, 1993.
TABLE OF CONTENTS:
Title I: Tax Relief for Middle-Income Taxpayers
Title II: Revenue Provisions
Middle Class Tax Relief Act of 1993 -
Title I: Tax Relief for Middle-Income Taxpayers
- Amends the Internal Revenue Code to provide an additional exemption amount ($1,000) to the regular personal exemption ($2,000) for middle-income taxpayers. Specifies the maximum gross income amounts for such taxpayers. Provides a formula for reducing the additional exemption amount for middle-income taxpayers whose incomes exceed certain transitional dollar amounts. Provides for inflation adjustments of amounts under this title.
Title II: Revenue Provisions
- Increases the individual income tax rates for certain high-income taxpayers.
Imposes a surtax on the individual tax rate or the alternative minimum tax rate for individuals whose incomes exceed $225,000.
Increases the rates of corporate income tax and of alternative minimum tax.