Marriage Tax Penalty Relief Act of 1999

[AI summary unavailable — showing source text] Marriage Tax Penalty Relief Act of 1999 - Amends the Internal Revenue Code to provide for a deduction for two-earner married couples to eliminate the marriage penalty. Allows such deduction, in the case of a joint return, in an amount equal to a specified applicable percentage of the qualified earned income of the spouse with the lower qualified earned income for the taxable year. Specifies such applicable percentage as 20 percent (10 percent for FY 1999 and 2000) reduced (but not below zero) by one percentage point (0.5 percentage point for FY 1999 and 2000) for each $1,000 (or fraction thereof) by which the taxpayer's modified adjusted gross income for the taxable year exceeds $50,000. Makes such deduction above-the-line (allowed regardless of whether the taxpayer itemizes other deductions). Requires that the earned income credit phaseout reflect such deduction.…