legislation: 104-hr-4050

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
104-hr-4050 104 hr 4050 Revenue Restructuring Act of 1996 Taxation 1996-09-11 1996-09-11 Referred to the House Committee on Ways and Means. House Rep. Gibbons, Sam [D-FL-11] FL D G000153 0 TABLE OF CONTENTS: Title I: Repeal of Individual and Corporate Income Taxes and Social Security and Medicare Taxes Title II: Value Added Tax Title III: Burden Adjustments Revenue Restructuring Act of 1996 - Title I: Repeal of Individual and Corporate Income Taxes and Social Security and Medicare Taxes - Amends the Internal Revenue Code to repeal the individual, corporate, social security and tier I railroad retirement, and Medicare taxes. Title II: Value Added Tax - Amends the Code to establish a 20 percent value added tax on business activity. Sets forth provisions regarding: (1) tax computation; (2) administration and operating rules; (3) small business tax exemption; and (4) definitions. Title III: Burden Adjustments - Amends the Code to provide for value added tax burden adjustments consisting of specified rebates for low-income individuals and tax increases for high-income individuals. 2025-08-21T20:14:59Z  

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