3.0.0 3655 2023-01-15T09:17:39Z 2023-01-15T09:17:39Z House H HR 2003-12-08 108 hswm00 Ways and Means Committee House Standing Referred to 2003-12-08T14:24:30Z 2003-12-08 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2003-12-08 Introduced in House IntroReferral Intro-H 9 Library of Congress 2003-12-08 Introduced in House IntroReferral 1000 9 Library of Congress K000336 Rep. Kucinich, Dennis J. [D-OH-10] DENNIS KUCINICH D OH J. 10 N L000551 Rep. Lee, Barbara [D-CA-9] BARBARA LEE D CA 9 2003-12-08 True S000033 Rep. Sanders, Bernard [I-VT-At Large] Bernard Sanders I VT 0 2003-12-08 True Taxation Accounting Administrative procedure Affiliated corporations Business records Capital gains tax Child support Civil actions and liability Commerce Confidential communications Corporate debt Corporate finance Corporate reorganizations Corporation taxes Crime and Law Enforcement Department of the Treasury Depreciation and amortization Dividends Earned income tax credit Energy Environmental Protection Estate tax Excise tax Families Finance and Financial Sector Foreign Trade and International Finance Foreign banks and banking Foreign corporations Fringe benefits Government Operations and Politics Government paperwork Groundwater Hazardous wastes Housing and Community Development Income tax Information disclosure (Securities law) Injunctions Interest Investors Labor and Employment Law Lawyers Legal ethics Liability for environmental damages Limitation of actions Losses Oil pollution Parking facilities Partnerships Petroleum storage Second homes Social Welfare Social security taxes Stockholders Stocks Subsidiary corporations Tax administration Tax consultants Tax credits Tax deductions Tax evasion Tax exclusion Tax penalties Tax preparers Tax rates Tax refunds Tax returns Tax shelters Taxation of foreign income Taxpayers Transportation and Public Works Underground storage Valuation Water Resources Development Taxation 00 2003-12-08 Introduced in House 2004-02-09T21:44:07Z Progressive Tax Act of 2003 - Amends the Internal Revenue Code to replace the earned income credit, the child tax credit, and the deduction for dependents with a simplified family tax credit.

Allows a limited credit for social security taxes.

Sets forth provisions relating to corporate tax and provisions designed to curtail tax shelters, including provisions concerning penalties for: (1) failing to disclose reportable transactions; (2) accuracy; (3) understatements; (4) failing to register tax shelters; (5) failing to maintain lists of investors; (6) failing to report interests in foreign financial accounts; (7) frivolous tax submissions; and (8) promoters of tax shelters.

Modifies individual income tax brackets and rates.

Repeals the phaseout and termination provisions, enacted by the Economic Growth and Tax Relief Reconciliation Act of 2001, PL 107-16, applicable to the overall limitation on itemized deductions and the personal exemption amount (thus, repealing the removal of limitations).

Treats individual capital gains and dividends as ordinary income.

Repeals the repeal of estate taxes enacted by the Economic Growth and Tax Relief Reconciliation Act of 2001, PL 107-16. Modifies the estate tax. Increases the deduction for family-owned business interests.

Extends superfund, oil spill liability, and leaking underground storage tank taxes.

Revises provisions concerning the special depreciation allowance for certain property acquired after September 10, 2001, and before January 1, 2005, to change the January 1, 2005, limitation date to January 1, 2004.

Repeals the exclusion for parking transportation fringe benefit.

Repeals provisions concerning certain deductions for second homes.

]]> Progressive Tax Act of 2003 Display Title Progressive Tax Act of 2003 Official Title as Introduced To amend the Internal Revenue Code of 1986 to replace the earned income credit, the child tax credit, and the deduction for dependents with a simplified family tax credit. Introduced in House IH Short Titles as Introduced Progressive Tax Act of 2003 Introduced in House 2003-12-08T05:00:00Z 2003-12-08 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.