INCOME TAXES

Passed By the House

Delay for one year inflation adjustments to income tax brackets and personal exemptions.

Raise the income tax rate for the wealthiest Americans from 28 percent to 33 percent.

Impose a 10 percent surtax on individuals with annual taxable income of more than $1 million.

Raise the alternative minimum tax, applied to wealthy taxpayers with large numbers of deductions and exemptions, from 21 percent to 25 percent.

Expand the earned-income tax credit for the working poor by $1 billion over five years.

Passed By the Senate

No changes in income tax rates.

Disallow itemized deductions equal to 5 percent of adjusted gross income in excess of $100,000 for single, joint or household returns. The proposal does not apply to medical expenses or investment interest. The disallowance cannot exceed 80 percent of deductions.

Expand the earned-income tax credit.

CAPITAL GAINS

Passed By the House

Allow individuals $100,000 in tax-free capital gains, not including the sale of securities or collectibles, over a lifetime.

Allow individuals with annual taxable incomes below $100,000 tax-free capital gains of $1,000 yearly, including the sale of securities. The exclusion would be phased out for those between $100,000 and $150,000.

Passed by the Senate

No provisions.

PAYROLL TAXES

Passed by the House

Increase the amount of income subject to the 1.45 percent Medicare payroll tax from $51,300 to $100,000.

Passed by the Senate

Increase the cap on income subject to the 1.45 percent Medicare payroll tax to $89,000.

Extend Social Security to state and local employees.

SIN TAXES

Passed by the House

Raise the federal cigarette tax from 16 cents a pack to 20 cents in 1991 and to 24 cents in 1993.

Double the tax on a six-pack of beer from 16 cents to 32 cents; raise the tax on liquor from $12.50 per proof gallon to $13.50 per proof gallon; and raise the tax on table wine by about 22 cents a bottle.

Passed by the Senate

Increase tobacco excise taxes by the same amounts as the House bill.

Increase distilled spirits tax by $1.20 per proof gallon to $13.70 a gallon; double beer tax to 32 cents per six-pack; increase table wine tax to 21 cents a bottle; maintain differentials for small wines and small breweries.

LUXURY TAXES

Passed by the House

Impose a 10 percent tax on the amount of the purchase price of new automobiles that exceeds $30,000 boats and yachts that exceed $100,000, jewelry that exceeds $5,000, furs that exceed $10,000 and airplanes that exceed $100,000.

Passed by the Senate

Impose a 10 percent luxury excise tax on the purchase price in excess of $100,000 on private boats and yachts; $30,000 on cars; $5,000 on jewelry; $5,000 on furs; and $250,000 on airplanes.

ENERGY AND TRANSPORTATION

Passed by the House

Raise taxes on airline tickets from 8 to 10 percent.

Leave federal 9-cents-a-gallon gasoline tax.

Passed by the Senate

Raise taxes on airline tickets from 8 to 10 percent.

Increase the gasoline tax by 4 cents a gallon to 13 cents on Dec. 1; then to 18 cents after July 1, 1991; and then to 18.5 centers after Jan. 1, 1992.

Oil and gas drilling incentives: 15 percent tax credit for enhanced oil recovery costs, to be phased out whenever oil prices reach $28 a barrel; tax credit for production of alcohol fuels; oil and gas depletion allowances.

MEDICARE

Passed by the House

Save $30.5 billion over five years by reducing projected reimbursements to doctors and hospitals.

Premiums paid by beneficiaries of Part B would continue to cover 25 percent of the cost of the program, which would mean a slower rate of premium increases than in the original budget summit. Premiums would be: $29.90 in 1991, $31.70 in 1992, $36.50 in 1993, $41.20 in 1994, and $46.20 in 1995. This would reduce projected spending by $11.1 billion over five years.

Raise the deductible under part B from $75 to $100 in 1991.

Passed by the Senate

Slow the projected rise of Medicare spending by $4.2 billion in 1991 and $49.3 billion over five years. Most of that amount would come from reduced payments to doctors and hospitals.

Premiums paid by Medicare beneficiaries would continue to cover 25 percent of the cost of the program for 1993 through 1995. There would be no change in the projected schedule of monthly payments until 1993. In 1993, monthly premiums would rise $3.20 above the amount under current law, reaching a $9.80-a-month increase over projected premiums without any changes. The premium in 1995 would be $46.20/

Raise the deductible under Part B from $75 to $150 in 1991.

AGRICULTURE

Passed by the House

Reduce acreage available for subsidies; reduce the dairy support price; change the calculations of grain subsidies. Total agriculture commodity savings of $13.1 billion.

Passed by the Senate

Reduce acreage and price for computing subsidies, and introduce a triple-base crop program to save $12.8 billion over five years.

OTHERS

Passed by the House

Tighten student loan guidelines, including a 30-day delay in the disbursement of loans for first-year, first-time students, saving $1.7 billion oiver five years.

Direct the Coast Guard to raise $200 million in unspecified fees such as inspection and licensing of boats.

Eliminate the option of federal employees to retire with a lump sum payment.

Tighten eligibility for certain health, disability, pension and housing benefits for veterans.

Passed by the Senate

Expand earned income tax credits to provide $11.8 billion in child care aid. Another $13.1 billion from telephone tax for child care.

Give Federal Deposit Insurance Corp. flexibility to raise insurance premiums from .15 percent of deposits to .195 percent in 1991 and to .23 percent after that.

Extend expiring tax breaks in the current legislation such as: business tax breaks for research and experimentation tax credits; employer-provided educational and legal assistance; tax credits for targeted jobs and low-income rental housing; deductions for certain bonds and for health insurance costs of self-employed individuals.

Direct the Coast Guard to raise $200 million in unspecified fees such as for inspection and licensing of boats.

Limit health care for veterans, depending on income.

Trim education, burial, and other veteran benefits.

Impose higher fees for federal camping and recreation facilities in parks.

SOURCES: Senate Budget Committee, Senate Finance Committee.