Progressive Consumption Tax Act of 2020

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 The bill repeals limitations on certain itemized tax deductions and restores previously repealed tax deductions, including the deductions for state and local taxes and personal casualty losses. It eliminates the alternative minimum tax. The bill reduces the corporate income tax rate to 17%.

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Timeline

1. 16 December 2020

   Introduced

   Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S7544-7553; text: CR S7544-7553)

   Source: IntroReferral

2. 16 December 2020

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 16 December 2020 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 16 December 2020

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 16 December 2020

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 16 December 2020

  Open at official source

Sponsors

• Rep. Cardin, Benjamin L. [D-MD-3] · D · Sponsor
• · ssfi00 · Standing

Related records

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