3.0.0 5031 2023-01-11T13:43:47Z 2023-01-11T13:43:47Z Senate S 2020-12-16 116 ssfi00 Finance Committee Senate Standing Referred to 2020-12-16T21:17:45Z 2020-12-16 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S7544-7553; text: CR S7544-7553) IntroReferral 2020-12-16 Introduced in Senate IntroReferral 10000 9 Library of Congress C000141 Sen. Cardin, Benjamin L. [D-MD] Ben Cardin D MD N Taxation Capital gains tax Corporate finance and management Income tax credits Income tax deductions Income tax rates Inflation and prices Poverty and welfare assistance Sales and excise taxes State and local taxation Tax administration and collection, taxpayers Tax treatment of families Wages and earnings Taxation 00 2020-12-16 Introduced in Senate 2021-02-09T19:21:32Z Progressive Consumption Tax Act of 2020

This bill revises the federal income tax system by, among other things, imposing a 10% consumption tax on specified supply items, including (1) the sale or provision of property; (2) the performance of services; (3) the grant, assignment, or surrender of real property; (4) the creation, grant, transfer, assignment, or surrender of any right; (5) financial supplies; and (6) entry into, or release from, an obligation or agreement to perform or refrain from performing an act. The bill specifies certain exempt supplies to which the tax does not apply.

The bill reduces to three the number of brackets for the individual income tax and reduces the income tax rate to a maximum level of 28%. It treats long-term capital gains and dividends as ordinary income.

It also provides for a family allowance based on filing status.

The bill repeals limitations on certain itemized tax deductions and restores previously repealed tax deductions, including the deductions for state and local taxes and personal casualty losses. It eliminates the alternative minimum tax.

The bill reduces the corporate income tax rate to 17%.

]]> Progressive Consumption Tax Act of 2020 Display Title Progressive Consumption Tax Act of 2020 Short Title(s) as Introduced Progressive Consumption Tax Act of 2020 Introduced in Senate IS 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 Introduced in Senate 2020-12-16T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s5031is/xml/BILLS-116s5031is.xml 2020-12-16 Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S7544-7553; text: CR S7544-7553) 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.