Revenue Restructuring Act of 1996

Summary

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.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 11 September 1996

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• Introduced in House (PDF)

  Introduced in House · EN · 11 September 1996

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• Introduced in House

  summary · EN · 11 September 1996

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