House Ways and Means Committee Chairman Charles Rangel (D-NY)'s revenue neutral $1 trillion tax reduction and reform bill would repeal the AMT after this year at a cost of $795.66 billion over 10 years. This cost would be recovered by a surtax of between 4 percent and 4.6 percent on adjusted gross incomes (AGI) above $200,000 for married couples filing jointly or above $150,000 for single filers, expected to raise $831.7 billion over 10 years. The bill's individual tax title also

• expands the earned income tax credit at a cost of $29.14 billion
• increases the child tax credit at a cost of $9.12 billion
• raises the standard deduction at a cost of $47.92 billion
• extends all expiring tax provisions for one year at a cost of $21.25 billion over 10 years

The bill's corporate tax title

• reduces the top corporate marginal tax rate from 35 percent to 30.5 percent provides a $384.39 billion and includes $398.417 billion in offsets that would
• repeals the Section 199 domestic production activities, raising $114.93 billion
• modifies the allocation of expenses and taxes on repatriation of foreign income ($106.39 billion)
• repeals the last-in, first-out (LIFO) accounting method over eight years ($106.51 billion.)
• increases to 20 years the amortization period for tax code Section 197 intangibles ($20.70 billion)
• repeals a 2004 provision that has not gone into effect yet that allowed U.S. corporations to elect special interest allocation rules that reduce the amount of interest expense allocated to foreign assets ($26.20 billion)
• codifies the economic substance doctrine ($3.59 billion)