S. 5031: Progressive Consumption Tax Act of 2020

116th Congress · introduced 2020-12-16 · Taxation · Latest: Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S7544-7553; text: CR S7544-7553)

federal

Follow this bill, step by step

Where it came from: introduced 2020-12-16 · official record
Who proposed it: Sen. Cardin, Benjamin L. [D-MD] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S7544-7553; text: CR S7544-7553) Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Progressive Consumption Tax Act of 2020

Plain summary

Progressive Consumption Tax Act of 2020 This bill revises the federal income tax system by, among other things, imposing a 10% consumption tax on specified supply items, including (1) the sale or provision of property; (2) the performance of services; (3) the grant, assignment, or surrender of real property; (4) the creation, grant, transfer, assignment, or surrender of any right; (5) financial supplies; and (6) entry into, or release from, an obligation or agreement to perform or refrain from performing an act. The bill specifies certain exempt supplies to which the tax does not apply. The bill reduces to three the number of brackets for the individual income tax and reduces the income tax rate to a maximum level of 28%. It treats long-term capital gains and dividends as ordinary income. It also provides for a family allowance based on filing status. The bill repeals limitations on certain itemized tax deductions and restores previously repealed tax deductions, including the deductions for state and local taxes and personal casualty losses. It eliminates the alternative minimum tax. The bill reduces the corporate income tax rate to 17%.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

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If it passes both chambers and is signed, it becomes law.

A “Nay” vote

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PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Progressive Consumption Tax Act of 2020

Source: Congressional Research Service summary (Introduced in Senate)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Cardin, Benjamin L. [D-MD] · 0 cosponsors

Cost estimate: No cost estimate published yet.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (4)

Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Capital gains: The profit from selling something you own, such as stock or real estate, for more than you paid. A capital gains tax is a tax on that profit.
Exemption: A rule that removes certain people, property or activities from a tax or requirement.
Obligation: A binding promise by a government agency to pay money, for example by signing a contract or awarding a grant. Spending data such as USAspending.gov counts money when it is obligated, which can be before it is actually paid out.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-116s5031.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/116/s>

Record fed-us-cong116-s5031 · catalog fed-us-congress-bills-cong116 · updated 2026-11-15 by psicol fed-bills-cong116