S. 3714 (112th): CALM Act

Introduced:
Dec 30, 2012 (112th Congress, 2011–2013)
Sponsor:
Sen. Joe Manchin III [D-WV]
Status:
Died (Referred to Committee)

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

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Status

This bill was introduced on December 30, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Dec 30, 2012
Referred to Committee Dec 30, 2012
Cosponsors
none
Committees

Senate Finance

The committee chair determines whether a bill will move past the committee stage.

Full Title

A bill to alleviate the fiscal cliff, and for other purposes.

Summary

No summaries available.

Text

Text not yet available.

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

12/30/2012--Introduced.
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.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

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