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United States · Bill · S

S. 3714 (112th)

CALM Act

referredUnited States· United States Congress· EN

Introduced

30 December 2012

Last action

30 December 2012 · Introduced

Status

Read twice and referred to the Committee on Finance.

Sponsors

Sen. Manchin, Joe, III [D-WV]

Subjects

Defence, Taxation, Budget

Source updated

14 August 2025

Defence · Taxation · Budget

Official sourceDownload fileView documentsShare

Summary

Cliff Alleviation at Last Minute Act or the CALM Act - Amends the Internal Revenue Code to: (1) provide for a phased increase in income and capital gain tax rates beginning in 2013 through 2015, and (2) establish a permanent maximum estate tax rate of 45% and a unified estate and gift tax credit of $3.5 million. Amends the Balanced Budget and Emergency Deficit Control Act of 1985 to authorize the Office of Management and Budget (OMB) to determine which defense and nondefense accounts will be reduced in FY2013-FY2021 to meet deficit reduction requirements and to report to Congress on its recommendations. Sets forth a congressional disapproval procedure for overriding OMB's recommendations. Amends title XVIII (Medicare) of the Social Security Act to require the Secretary of Health and Human Services to implement reforms under Medicare that result in reduced expenditures equal to $40 billion in each of FY2014-FY2023. Expresses the sense of the Senate that Congress should address comprehensive tax reform in the 113th Congress.

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

Timeline

  1. 30 December 2012

    Introduced

    Sponsor introductory remarks on measure. (CR S8548-8549)

    Source: IntroReferral

  2. 30 December 2012

    Introduced

    Introduced in Senate

    Source: IntroReferral

  3. 30 December 2012

    Introduced

    Read twice and referred to the Committee on Finance.

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in Senate (text)

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  • Introduced in Senate (text)

    Introduced in Senate · EN · 30 December 2012

    ViewDownloadOpen at official source

  • Introduced in Senate (PDF)

    Introduced in Senate · EN · 30 December 2012

    ViewDownloadOpen at official source

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  • Introduced in Senate

    summary · EN · 30 December 2012

    Open at official source

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Sponsors

Related records

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Sources

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