Implementation of Simpson-Bowles Spending Reductions Act of 2012

Summary

Implementation of Simpson-Bowles Spending Reductions Act of 2012 - Prohibits the total amount of appropriations to the White House for the Executive Office of the President, to the President, and to Congress for FY2012-FY2016 from exceeding 85% of the total amount of such appropriations for FY2011. Eliminates cost-of-living adjustments (COLA) for Members of Congress during FY2013-FY2015. Amends the Continuing Appropriations Act, 2011 to extend through December 31, 2015, the freeze on any COLA to the pay of certain federal civilian employees (thus extending such freeze from two to five calendar years). Requires the Office of Management and Budget (OMB) to: (1) take appropriate measures to ensure that the total number of federal employees, beginning in FY2015, does not exceed 90% of the total number of federal employees on September 30, 2011; (2) continuously monitor all agencies, make a determination on whether the total number of federal employees in any quarter of a fiscal year exceeds the maximum number allowed by this Act, and notify the President and Congress if the number exceeds the maximum; and (3) ensure that there is no increase in the procurement of service contracts due to this Act unless a cost comparison demonstrates that such contracts would be financially advantageous to the federal government. Allows the President to waive the workforce limitations imposed by this Act in specified circumstances. Requires OMB to: (1) take appropriate measures through FY2014 to ensure that agencies shall appoint no more than one employee for every three employees retiring or otherwise separating from government service; (2) coordinate with federal departments and independent agencies to take certain steps to limit government printing costs; and (3) dispose of a quantity of real property worth at least $100 million altogether (with specified exceptions) that is not being used, and that will not be used, to meet the needs of the federal government for FY2011-FY2015. Prohibits the total amount of funds appropriated for travel expenses for each agency for each of FY2012-FY2016 from exceeding 80% of the total amount of funds appropriated for FY2011. Reduces the amount available to the General Services Administration (GSA) for FY2012 and succeeding fiscal years for acquiring new vehicles for the federal fleet to 80% of the amount available for FY2010 for such purpose. Amends the Congressional Budget Act of 1974 to prohibit consideration in Congress of legislation that includes an earmark, limited tax benefit, or limited tariff benefit. Amends the Internal Revenue Code to: (1) impose after 2012, a 10% income tax rate on taxable income of $100,000 or less and a 20% rate on taxable income over $100,000, and a 20% rate for net capital gain exceeding $1 million; (2) reduce the income tax rate on corporations to a flat rate of 20%; (3) repeal various tax credits, deductions, and exclusions, including the alternative minimum tax (AMT) on individuals; (4) provide for 5-year phaseout of specified tax expenditures, and (5) terminate the authority for issuing certain tax-exempt bonds for financing projects relating to energy conservation, infrastructure, education, and hospital construction.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 20 September 2012

   Introduced

   Referred to the Committee on Ways and Means, and in addition to the Committees on Oversight and Government Reform, House Administration, Rules, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

   Source: IntroReferral

2. 20 September 2012

   Introduced

   Introduced in House

   Source: IntroReferral

3. 20 September 2012

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 20 September 2012 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 20 September 2012

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 20 September 2012

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 20 September 2012

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  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Ross, Dennis A. [R-FL-15] · R · Sponsor
• · hsbu00 · Standing
• · hsru00 · Standing
• · hsha00 · Standing
• · hsgo00 · Standing
• · hswm00 · Standing

Related records

• related to → Individual AMT Repeal Act of 2011
• related to → To amend the Internal Revenue Code of 1986 to reduce the corporate rate of tax to 18 percent.
• related to → Reducing the Size of the Federal Government Through Attrition Act of 2011
• related to → Reducing the Size of the Federal Government Through Attrition Act of 2011
• related to → To provide that Members of Congress shall not receive a cost of living adjustment in pay during 2013.
• related to ← Reducing the Size of the Federal Government Through Attrition Act of 2011
• related to ← Foreign Earnings Reinvestment Act
• related to ← Rebuilding America Act
• related to ← Earmark Elimination Act of 2011
• related to ← Implementation of Simpson-Bowles Spending Reductions Act of 2011
• related to ← No Pay Raise for Congress Act of 2012