Progressive Consumption Tax Act of 2020
Latest action · Dec 16, 2020 Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S7544-7553; text: CR S7544-7553)
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedDec 16, 2020
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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The bill repeals limitations on certain itemized tax deductions and restores previously repealed tax deductions, including the deductions for state and local taxes and personal casualty losses.
The bill reduces the corporate income tax rate to 17%.
Cosponsors
Members who signed on, in the order they did.
Actions 2
Everything that happened, newest first.
- Dec 16, 2020Introduced in Senate
- Dec 16, 2020Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S7544-7553; text: CR S7544-7553)
Subjects
Assigned by the Library of Congress. Policy area: 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
- Taxation
- Wages and earnings
Text 1
Each version as it was printed, newest first.
- Dec 16, 2020Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.