legislation: 114-s-3529

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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
114-s-3529 114 s 3529 Progressive Consumption Tax Act of 2016 Taxation 2016-12-08 2016-12-08 Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S6926-6927) Senate Sen. Cardin, Benjamin L. [D-MD] MD D C000141 0 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. 2023-01-11T13:34:43Z  

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