Progressive Tax Act of 2003

Bill: 108-hr-3655
Sponsor: Rep. Kucinich, Dennis J. [D-OH-10]
Introduced: 2003-12-08 in the House
Policy area: Taxation
Subjects: Accounting
Administrative procedure
Affiliated corporations
Business records
Capital gains tax
Child support
Civil actions and liability
Commerce
Confidential communications
Corporate debt
Corporate finance
Corporate reorganizations
Corporation taxes
Crime and Law Enforcement
Department of the Treasury
Depreciation and amortization
Dividends
Earned income tax credit
Energy
Environmental Protection
Estate tax
Excise tax
Families
Finance and Financial Sector
Foreign Trade and International Finance
Foreign banks and banking
Foreign corporations
Fringe benefits
Government Operations and Politics
Government paperwork
Groundwater
Hazardous wastes
Housing and Community Development
Income tax
Information disclosure (Securities law)
Injunctions
Interest
Investors
Labor and Employment
Law
Lawyers
Legal ethics
Liability for environmental damages
Limitation of actions
Losses
Oil pollution
Parking facilities
Partnerships
Petroleum storage
Second homes
Social Welfare
Social security taxes
Stockholders
Stocks
Subsidiary corporations
Tax administration
Tax consultants
Tax credits
Tax deductions
Tax evasion
Tax exclusion
Tax penalties
Tax preparers
Tax rates
Tax refunds
Tax returns
Tax shelters
Taxation of foreign income
Taxpayers
Transportation and Public Works
Underground storage
Valuation
Water Resources Development

Summary:
action_date: 2003-12-08
text: 
Progressive Tax Act of 2003 - Amends the Internal Revenue Code to replace the earned income credit, the child tax credit, and the deduction for dependents with a simplified family tax credit.
 
Allows a limited credit for social security taxes.
 
Sets forth provisions relating to corporate tax and provisions designed to curtail tax shelters, including provisions concerning penalties for: (1) failing to disclose reportable transactions; (2) accuracy; (3) understatements; (4) failing to register tax shelters; (5) failing to maintain lists of investors; (6) failing to report interests in foreign financial accounts; (7) frivolous tax submissions; and (8) promoters of tax shelters.
 
Modifies individual income tax brackets and rates.
 
Repeals the phaseout and termination provisions, enacted by the Economic Growth and Tax Relief Reconciliation Act of 2001, PL 107-16, applicable to the overall limitation on itemized deductions and the personal exemption amount (thus, repealing the removal of limitations).
 
Treats individual capital gains and dividends as ordinary income.
 
Repeals the repeal of estate taxes enacted by the Economic Growth and Tax Relief Reconciliation Act of 2001, PL 107-16. Modifies the estate tax. Increases the deduction for family-owned business interests.
 
Extends superfund, oil spill liability, and leaking underground storage tank taxes.
 
Revises provisions concerning the special depreciation allowance for certain property acquired after September 10, 2001, and before January 1, 2005, to change the January 1, 2005, limitation date to January 1, 2004.
 
Repeals the exclusion for parking transportation fringe benefit.
 
Repeals provisions concerning certain deductions for second homes.


Legislative actions:
action_date: 2003-12-08
text: Referred to the House Committee on Ways and Means.
action_date: 2003-12-08
text: Introduced in House
action_date: 2003-12-08
text: Introduced in House