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 income levels; repeal after 2013 the alternative minimum tax (AMT) for individual and corporate taxpayers; increase from $1,000 to $2,500 the child tax credit and make a portion of such credit refundable; allow a new personal income tax credit of $2,000 for individual taxpayers ($4,000 for married couples filing a joint return and surviving spouses) in lieu of the standard tax deduction, the personal tax exemption, and certain itemized deductions, other than the deductions for mortgage interest and charitable contributions; provide annual inflation adjustments after 2013 to income levels and credit amounts in this Act; make mortgage interest and charitable contributions deductible from gross income (above-the-line deductions); limit to $300,000 the deductible amount of acquisition indebtedness for principal residences (currently, $1 million); repeal the additional hospital insurance tax on individual taxpayers earning over $200,000 ($250,000 for married couples filing joint tax returns); and repeal the 3.8% Medicare tax on certain unearned income (e.g., income from rents, royalties, stocks, bonds, and other investments).
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