S. 3106 (96th): Inflation Adjustment Act of 1980

Introduced:
Sep 10, 1980 (96th Congress, 1979–1980)
Status:
Died (Referred to Committee)
Sponsor
Gaylord Nelson
Senator from Wisconsin
Party
Democrat
 
Status

This bill was introduced on September 10, 1980, in a previous session of Congress, but was not enacted.

Progress
Introduced Sep 10, 1980
Referred to Committee Sep 10, 1980
 
Full Title

A bill to amend the Internal Revenue Code of 1954 to provide for the indexation of individual income tax brackets, and for other purposes.

Summary

No summaries available.

Cosponsors
none
Committees

Senate Finance

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

S. stands for Senate 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.


9/10/1980--Introduced.
Inflation Adjustment Act of 1980 - Amends the Internal Revenue Code to require annual cost-of-living adjustments of individual tax rates, zero bracket amounts, related withholding and return requirements, and the personal exemption amounts for 1982 and all years following.
Limits the adjustment of individual tax rates to a maximum ten percent.
Sets forth a formula for determination of the proper annual adjustment, keyed to the Consumer Price Index. Directs the Secretary of the Treasury to prescribe adjusted tables by December 15 of each calendar year, starting in 1982.
Directs the Council on Wage and Price Stability to study the impact of this Act and to report its conclusions and recommendations to the President and the Congress not later than July 1, 1984.
Authorizes the President to submit to Congress a plan for suspending all such adjustments for a calendar year if he determines that such adjustments will have a significant adverse effect on the United States economy.
States that such suspension plan shall go into effect if neither House of Congress has passed a resolution of disapproval within 60 days following delivery to Congress. Prescribes procedures for consideration of such a resolution.

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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