Four Tax Reform Bills Ahead of the Release of Trump’s Tax Plan
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President Donald Trump will unveil his tax reform plan on Wednesday, and while we’ll break down the details of it for you once it’s released, we thought it’d be fun to give you glimpse into some of the tax reform proposals currently in Congress in the meantime. After all, through their negotiations with the president, members of Congress will have a significant impact on what the final tax reform package looks like. Here are four tax reform bills — two from each side of the aisle — in Congress now:
S. 18: Fair Tax Act: This bill from Sen. Jerry Moran (R-KS) would eliminate the federal income tax for individuals and businesses, and replace it with the FairTax — a 23 percent national sales tax — starting in 2019. Individuals and families would receive a monthly sales tax rebate known as the Family Consumption Allowance based on family size and poverty guidelines.
S. 805: Inclusive Prosperity Act: This bill from Sen. Bernie Sanders (I-VT) would impose a so-called “Robin Hood tax” of less than one percent on financial transactions involving stocks, derivatives (like a stock option), and longer-term bonds. The proceeds of the tax would be used to subsidize tuition at public colleges and universities.
H.R. 1040: Flat Tax Act: This bill from Rep. Michael Burgess (R-TX) introduced this bill to give individuals and businesses the choice of opting out of the current tax code and instead pay a flat tax. The flat tax would start at 19 percent before dropping to 17 percent after two years, and to increase the tax rate or reduce the value of deductions a two-thirds vote by both chambers of Congress would be required.
H.R. 1664: Investing in America: A Penny for Progress Act: This bill from Rep. Peter DeFazio (D-OR) would index the tax on gasoline and diesel to inflation, effectively increasing it by about one cent per year, in order to repay bonds that would be issued to fund transportation infrastructure projects.
Tell your reps what changes you want to see in the tax code using the “Take Action” button.
— Eric Revell
(Photo Credit: ccPixs.com via Flickr / Creative Commons)
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