S. 3005 · 113th Congress
Progressive Consumption Tax Act of 2014
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Never voted on. It didn't reach a floor vote before the 113th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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CardinSponsorNo cosponsors.
Progressive Consumption Tax Act of 2014 - Amends the Internal Revenue Code to impose a consumption tax of 10% of the taxable amount of domestic goods and services. Exempts from such tax certain goods and services exported or used outside the United States.
What it does: CRS summary · Introduced in Senate · Dec 11, 2014
Progressive Consumption Tax Act of 2014 - Amends the Internal Revenue Code to impose a consumption tax of 10% of the taxable amount of domestic goods and services. Exempts from such tax certain goods and services exported or used outside the United States.
Lowers individual and corporate income tax rates. Repeals specified income tax credits and deductions, except for the deductions for mortgage interest, charitable contributions, state and local income taxes, gambling losses, alimony payments, and investment interest.
Provides for a family allowance of up to $100,000 for married individuals filing a joint tax return.
Allows a rebate for U.S. taxpayers consisting of an earned income amount and a child benefit amount.
Provides for a refund of excess consumption tax revenue (net consumption tax revenues that exceed 10% of gross domestic product in a calendar year) to individual taxpayers.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Progressive Consumption Tax Act of 2014
Latest action (Dec 11, 2014): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Dec 11, 2014
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.