legislation: 116-s-5031

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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
116-s-5031 116 s 5031 Progressive Consumption Tax Act of 2020 Taxation 2020-12-16 2020-12-16 Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S7544-7553; text: CR S7544-7553) Senate Sen. Cardin, Benjamin L. [D-MD] MD D C000141 0 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 The bill repeals limitations on certain itemized tax deductions and restores previously repealed tax deductions, including the deductions for state and local taxes and personal casualty losses.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%. 2023-01-11T13:43:47Z  

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