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.
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.
Introduced in House
Introduced in House
Sponsor introductory remarks on measure. (CR E1572-1580)
Referred to the House Committee on Ways and Means.
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