S.1616: Family Fairness and Opportunity Tax Reform Act

Family Fairness and Opportunity Tax Reform Act - Amends the Internal Revenue Code, with respect to the taxation of individual and married taxpayers, to: reduce to two the number of individual income tax brackets, imposing a 15% tax rate on income up to $87,850 ($175,700 for married couples filing a joint return and surviving spouses) and a 35% rate on income above such level; eliminate or reduce the capital gains tax rate based on taxable...

(Source: Library of Congress)