H.R. 4050 (104th): Revenue Restructuring Act of 1996

Introduced:
Sep 11, 1996 (104th Congress, 1995–1996)
Status:
Died (Referred to Committee)
Sponsor
Sam Gibbons
Representative for Florida's 11th congressional district
Party
Democrat
Text
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Last Updated
Sep 11, 1996
Length
53 pages
 
Status

This bill was introduced on September 11, 1996, in a previous session of Congress, but was not enacted.

Progress
Introduced Sep 11, 1996
Referred to Committee Sep 11, 1996
 
Full Title

To amend the Internal Revenue Code of 1986 to replace the current individual and corporate income taxes, and the Social Security and Medicare taxes, with a value added tax.

Summary

No summaries available.

Cosponsors
none
Committees

House Ways and Means

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

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

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


9/11/1996--Introduced.
TABLE OF CONTENTS:
Title I - Repeal of Individual and Corporate Income Taxes and Social Security and Medicare Taxes Title II: Value Added Tax Title III: Burden Adjustments Revenue Restructuring Act of 1996
Title I - Repeal of Individual and Corporate Income Taxes and Social Security and Medicare Taxes
Amends the Internal Revenue Code to repeal the individual, corporate, social security and tier I railroad retirement, and Medicare taxes.
Title II - Value Added Tax
Amends the Code to establish a 20 percent value added tax on business activity. Sets forth provisions regarding: (1) tax computation; (2) administration and operating rules; (3) small business tax exemption; and (4) definitions.
Title III - Burden Adjustments
Amends the Code to provide for value added tax burden adjustments consisting of specified rebates for low-income individuals and tax increases for high-income individuals.

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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