3.0.0 4060 2022-12-29T23:48:37Z 2022-12-29T23:48:37Z Senate S 2022-04-07 117 ssfi00 Finance Committee Senate Standing Referred to 2022-04-07T21:50:54Z People’s Prosperity Act 117 7700 HR 2022-05-10 Referred to the House Committee on Ways and Means. Related bill CRS 2022-04-07 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2096) IntroReferral 2022-04-07 Introduced in Senate IntroReferral 10000 9 Library of Congress R000122 Sen. Reed, Jack [D-RI] John Reed D RI F. N W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2022-04-07 True F000062 Sen. Feinstein, Dianne [D-CA] Dianne Feinstein D CA 2022-04-07 True M001176 Sen. Merkley, Jeff [D-OR] Jeff Merkley D OR 2022-04-07 True Taxation Taxation 00 2022-04-07 Introduced in Senate 2022-04-20T20:46:39Z Food and Fuel Family Savings Act

This bill allows an individual taxpayer an inflation rebate for the first taxable year beginning in 2022. The amount of such rebate is $600 ($1,200 for joint returns), plus $600 for each of the taxpayer's dependents. The amount of the rebate is reduced for taxpayers whose adjusted gross income exceeds certain levels.

The bill imposes a 5% surcharge on individuals whose modified adjusted gross income exceeds $10 million and a 3% surcharge for incomes exceeding $25 million. It also imposes surcharges on certain high income estates and trusts.

The bill increases the maximum corporate income tax rate to 26.5% for corporate taxable income exceeding $5 million.

]]> Food and Fuel Family Savings Act Display Title Food and Fuel Family Savings Act Short Title(s) as Introduced Food and Fuel Family Savings Act Introduced in Senate IS Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to provide for inflation rebates, and for other purposes. Introduced in Senate IS Introduced in Senate 2022-04-07T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117s4060is/xml/BILLS-117s4060is.xml 2022-04-07 Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2096) 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.