S 5031
Progressive Consumption Tax Act of 2020
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Bill overview
The Progressive Consumption Tax Act of 2020 proposes a new tax system in the United States, replacing the current income tax with a ‘progressive consumption tax.’ This tax would apply to a wide range of supplies, including the sale of property, services, and real estate, as well as financial transactions. The bill also significantly reforms the income tax, reducing tax brackets, treating capital gains as ordinary income, and establishing a family allowance. It repeals certain tax deductions, eliminates the alternative minimum tax, and reduces the corporate income tax rate. Finally, it includes a refund mechanism for excess consumption tax revenue.
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Primary sponsor
Benjamin L. Cardin
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