3.0.0 3529 2023-01-11T13:34:43Z 2023-01-11T13:34:43Z Senate S 2016-12-08 114 ssfi00 Finance Committee Senate Standing Referred to 2016-12-08T21:32:11Z 2016-12-08 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S6926-6927) IntroReferral 2016-12-08 Introduced in Senate IntroReferral 10000 9 Library of Congress C000141 Sen. Cardin, Benjamin L. [D-MD] Ben Cardin D MD N Taxation Taxation 00 2016-12-08 Introduced in Senate 2017-02-28T21:38:16Z Progressive Consumption Tax Act of 2016

This bill amends the Internal Revenue Code to impose a consumption tax of 10% of the taxable amount of domestic goods and services. It exempts from such tax certain goods and services exported or used outside the United States.

It also lowers individual and corporate income tax rates. The bill repeals specified income tax credits and deductions, except for the deductions for mortgage interest, charitable contributions, state and local income taxes, gambling losses, alimony payments, and investment interest.

The bill: (1) provides for a family allowance of up to $100,000 for married individuals filing a joint tax return, (2) allows a rebate for U.S. taxpayers consisting of an earned income amount and a child benefit amount, and (3) provides for a refund of excess consumption tax revenue (net consumption tax revenues that exceed 10% of gross domestic product in a calendar year) to individual taxpayers.

]]> Progressive Consumption Tax Act of 2016 Display Title Progressive Consumption Tax Act of 2016 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to provide for a progressive consumption tax and to reform the income tax, and for other purposes. Introduced in Senate IS Short Titles as Introduced Progressive Consumption Tax Act of 2016 Introduced in Senate 2016-12-08T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s3529is/xml/BILLS-114s3529is.xml 2016-12-08 Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S6926-6927) 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.