FairTax Act of 2023 This bill imposes a national sales tax on the use or consumption in the United States of taxable property or services in lieu of the current income taxes, payroll taxes, and estate and gift taxes. The rate of the sales tax will be 23% in 2025, with adjustments to the rate in subsequent years. There are exemptions from the tax for used and intangible property; for property or services purchased for business, export, or investment purposes; and for state government functions. Under the bill, family members who are lawful U.S. residents receive a monthly sales tax rebate (Family Consumption Allowance) based upon criteria related to family size and poverty guidelines. The states have the responsibility for administering, collecting, and remitting the sales tax to the Treasury. Tax revenues are to be allocated among (1) the general revenue, (2) the old-age and survivors insurance trust fund, (3) the disability insurance trust fund, (4) the hospital insurance trust fund, and (5) the federal supplementary medical insurance trust fund. No funding is authorized for the operations of the Internal Revenue Service after FY2027. Finally, the bill terminates the national sales tax if the Sixteenth Amendment to the Constitution (authorizing an income tax) is not repealed within seven years after the enactment of this bill.
Assuring Medicare’s Promise Act of 2023 This bill increases net investment income tax revenues by applying such tax to the trade or business income of certain high income taxpayers and includes the increased tax revenues in the Federal Hospital Insurance Trust Fund.
Proposing a constitutional amendment dedicating a portion of the revenue derived from state sales and use taxes and insurance premium taxes to the Texas water fund.
Proposing a constitutional amendment to dedicate a portion of the revenue derived from state sales and use taxes to the Texas water fund and to provide for the allocation and use of that revenue.
Social Security and Medicare Lock-Box Act This bill establishes (1) in the Federal Old-Age and Survivors Insurance Trust Fund, a Social Security Surplus Protection Account; and (2) in the Federal Hospital Insurance Trust Fund, a Medicare Surplus Protection Account. The Managing Trustee of each trust fund (in both cases, the Secretary of the Treasury) (1) must transfer the annual surplus of the trust fund to its respective account; and (2) may not invest the balance in the account until a law takes effect that authorizes, for amounts in the trust fund, an investment vehicle other than U.S. obligations. The bill establishes in the executive branch a commission to study the most effective vehicles for investment of the trust funds, other than investments in the form of U.S. obligations.
SALT Fairness Act of 2023 This bill repeals the temporary restrictions in taxable years 2018 through 2025 on the deductibility of state and local taxes.
A joint resolution proposing an amendment to the Constitution of the State of Iowa by repealing the natural resources and outdoor recreation trust fund, and dedicating a portion of state revenue from sales and use taxes imposed for the benefit of property tax relief.
To Amend The Property Tax Relief Trust Fund; And To Require A Higher Vote Threshold For Using Moneys In The Property Tax Relief Trust Fund For Purposes Other Than Property Tax Relief.
Proposes a constitutional amendment replacing individual and corporate income tax and sales and use tax with a sales tax on retail sales of new tangible property and taxable services
Decreasing the state rate for sales and use taxes for prepared food and increasing the percent credited to the state highway fund from sales and use tax revenue collected.