In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.

Q: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Disability Insurance Reform Act of
1994''.

SEC. 2. REFORM OF MONTHLY INSURANCE BENEFITS BASED ON DISABILITY
INVOLVING SUBSTANCE ABUSE.

(a) In General.--Section 225 of the Social Security Act (42 U.S.C.
425) is amended--
(1) by striking the heading and inserting the following:

''additional rules relating to benefits based on disability

''Suspension of Benefits'';

(2) by inserting before subsection (b) the following new
heading:

''Continued Payments During Rehabilitation Program''; and

(3) by adding at the end the following new subsection:

''Nonpayment of Benefits by Reason of Substance Abuse

''(c)(1)(A) Notwithstanding any other provision of this title, no
benefit based on disability under this title shall be paid to any
individual for any month during any period of consecutive months
beginning with a month in which such individual is medically determined
to be a drug addict or an alcoholic and ending with a month as of the
end of which--
''(i) the person, through an outpatient rehabilitation
program, has subsequently undergone treatment appropriate for
such condition for 3 months at an institution or facility
approved by the Secretary for purposes of this subsection, and
has complied with the terms, conditions, and requirements of
such treatment and with the requirements imposed under
paragraph (4); and
''(ii) the Secretary determines that--
''(I) the person has made progress towards
recovery, or has recovered; or
''(II) if the person has not made progress towards
recovery, the person meets such requirements
established in regulations as the Secretary deems
appropriate to effectuate the purposes of this title.
''(B) In any case in which an individual's disability is based in
whole or in part on a medical determination that the individual is a
drug addict or alcoholic, such individual's benefits based on
disability under this title which are otherwise payable for any month
preceding the month in which application for such benefits is made
(pursuant to section 202(j)(1) or the last sentence of section 223(b))
shall be payable only pursuant to a certification of such payment to a
representative payee of such individual pursuant to section 205(j).
''(2) If, after the 3-month treatment period referred to in
paragraph (1)(A), the Secretary determines that the person has not
recovered from the condition treated, then, as a condition of receiving
benefits based on disability under this title for any month after such
period, the person must continue to comply with the terms, conditions,
and requirements of such treatment and with the requirements imposed
under paragraph (4), until the month in which the Secretary determines
that the person has recovered from such condition.
''(3)(A) Notwithstanding any other provision of this title, in the
case of a person who fails to continue treatment as required by
paragraph (2), no benefit based on disability shall be paid under this
title for any month ending after such failure and before the person has
completed 2 weeks of such treatment.
''(B) In the case of a person to whom a benefit based on disability
under this title becomes payable for any month after a month for which
such benefit was not payable under subparagraph (A), and who thereafter
fails to continue treatment as required by paragraph (2), no benefit
based on disability shall be paid under this title for any month ending
after such failure and before the person has completed 2 months of such
treatment.
''(C) In the case of a person to whom a benefit based on disability
under this title becomes payable for any month after a month for which
such benefit was not payable under subparagraph (B), and who thereafter
fails to continue treatment as required by paragraph (2), no benefit
based on disability shall be paid under this title for any month ending
after such failure.
''(4) For purposes of this subsection, the term 'benefit based on
disability' of an individual means a disability insurance benefit of
such individual under section 223 or a child's, widow's, or widower's
insurance benefit of such individual under section 202 based on the
disability of such individual.
''(5) Monthly insurance benefits under this title which would be
payable to any individual (other than the disabled individual to whom
benefits are not payable by reason of this subsection) on the basis of
the wages and self-employment income of such a disabled individual but
for the provisions of paragraph (1), shall be payable as though such
disabled individual were receiving such benefits which are not payable
under this subsection.
''(6) The Secretary shall provide for the monitoring and testing of
all individuals who are receiving benefits under this title and who as
a condition of such benefits are required to be undergoing treatment
and complying with the terms, conditions, and requirements thereof as
described in the preceding provisions of this subsection, in order to
assure such compliance and to determine the extent to which the
imposition of such requirements is contributing to the achievement of
the purposes of this title. The Secretary may retain jurisdiction in
the case of a hearing before the Secretary under this title to the
extent the Secretary determines necessary to carry out the preceding
sentence. The Secretary shall annually submit to the Congress a full
and complete report on the Secretary's activities under this paragraph.
''(7) The Secretary, in consultation with drug and alcohol
treatment professionals, shall develop standards for drug and alcohol
treatment programs, and in consultation with States, shall develop
guidelines to be used to review and evaluate the progress of
participants in such programs.''.
(b) Preservation of Medicare Benefits.--Section 226 of such title
(42 U.S.C. 426) is amended by adding at the end the following:
''(i) For purposes of this section, each person to whom a benefit
for any month is not payable by reason of section 225(c) shall be
treated as entitled to such benefit for such month if such person would
be entitled to such benefit for such month in the absence of such
section.''.
(c) Effective Date.--The amendments made by this section shall
apply to benefits payable for months beginning 90 or more days after
the date of the enactment of this Act.

SEC. 3. RESTRICTION OF FUTURE REPRESENTATIVE PAYEES TO GOVERNMENT
AGENCIES, STATE-LICENCED OR CERTIFIED FACILITIES, OR
STATE-BONDED OR LICENSED COMMUNITY-BASED NONPROFIT SOCIAL
SERVICE AGENCIES.

(a) Restriction to Qualified Organizations.--Section 205(j) of the
Social Security Act (42 U.S.C. 405(j)) is amended--
(1) in paragraph (1), by striking ''another individual, or
an organization,'' and inserting ''a qualified organization'';
(2) in paragraph (2)(A)(i), by striking ''the person'' and
inserting ''the qualified organization'', and by striking
''such person'' and inserting ''representatives of such
qualified organization'';
(3) in paragraph (2)(B)(i), by striking ''person'' each
place it appears in subclause (I) and inserting ''qualified
organization'', by striking ''person's social security account
number (or employer identification number)'' in subclause (II)
and inserting ''qualified organization's employer
identification number'', by striking ''such person'' in
subclause (III) and inserting ''such qualified organization'',
and by striking ''such person'' each place it appears in
subclause (IV) and inserting ''such qualified organization'';
and
(4) by striking paragraph (2)(B)(ii), by redesignating
paragraph (2)(B)(i) (as amended by paragraph (3)) as paragraph
(2)(B), and by redesignating subclauses (I), (II), (III), and
(IV) of paragraph (2)(B) (as redesignated) as clauses (i),
(ii), (iii), and (iv), respectively.
(b) Qualified Organization Defined.--
(1) In general.--Section 205(j)(2)(C)(i) of such Act (42
U.S.C. 405(j)(2)(C)(i)) is amended by striking ''Benefits of an
individual may not be certified for payment to any other person
pursuant to this subsection if--'' and inserting ''For purposes
of this subsection, the term 'qualified organization' means an
agency or instrumentality of a State or a political subdivision
of a State, a nonprofit facility that is licensed or certified
as a care facility under the law of a State or a political
subdivision of a State, and, in connection with services
provided as a representative payee under this subsection in any
State, a community-based nonprofit social service agency which
is bonded or licensed in such State. Except as otherwise
provided in this subsection, such term does not include any
person if--''.
(2) Conforming amendments.--Section 205(j)(2)(C) of such
Act is further amended--
(A) by striking ''subparagraph (B)(i)(III)'' in
clause (i)(I) and inserting ''subparagraph (B)(iii)'',
and by striking ''subparagraph (B)(i)(IV)'' in clause
(i)(II) and inserting ''subparagraph (B)(iv)'';
(B) in clause (iii), by striking subclauses (I) and
(IV), by redesignating subclauses (II), (III), and (V)
as subclauses (I), (II), and (III), respectively, and
by striking ''an individual'' in subclause (III) (as
redesignated) and inserting ''a person''; and
(C) in clause (iv), by striking ''individual'' each
place it appears and inserting ''person''.
(c) Authorization for Fees.--Section 205(j)(4) of such Act (42
U.S.C. 405(j)(4)) is amended--
(1) by striking subparagraph (A) and inserting the
following:
''(4)(A) A qualified organization may collect from an individual a
monthly fee for expenses (including overhead) incurred by such
organization in providing services performed as such individual's
representative payee pursuant to this subsection if such fee does not
exceed 10 percent of the monthly benefit involved. Any agreement
providing for a fee in excess of the amount permitted under this
subparagraph shall be void and shall be treated as misuse by such
organization of such individual's benefits.'';
(2) by striking subparagraph (B);
(3) by redesignating subparagraph (C) as subparagraph (B)
and, in subparagraph (B) (as so redesignated), by striking
''qualified organization'' and inserting ''person''; and
(4) by striking subparagraph (D).
(d) Effective Date.--The amendments made by this section shall
apply with respect to certifications of payments to representative
payees made on or after the date of the enactment of this Act. Section
205(j) of the Social Security Act (42 U.S.C. 405(j)) as in effect
immediately before the date of the enactment of this Act shall continue
to apply, in the case of any person who is then a representative payee
under such section with respect to benefits for which certification of
payment to such person under such section is then in effect, until such
certification ceases to be effective under such section as then in
effect.

A: Disability Insurance Reform Act of 1994 - Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to prohibit the payment of benefits based on disability to any individual who is a drug addict or alcoholic until such individual: (1) undergoes appropriate substance abuse treatment at an approved facility; (2) has complied with the terms of such treatment; and (3) either recovers or makes progress towards recovery, with benefits terminated if the individual fails to continue treatment.
Requires lump sum disability payments to be made only through a qualified governmental or nonprofit care facility or community-based social service agency representative payees. Makes other changes with regard to representative payees, including allowing them to collect monthly fees for expenses in providing service.
Requires the Secretary of Health and Human Services to provide for a monitoring and testing program to ensure individual compliance with treatment requirements.
****
Q: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Detroit Economic Competitiveness
Act''.

SEC. 2. DETROIT JOBS TRUST FUND.

(a) In General.--Subchapter A of chapter 98 of the Internal Revenue
Code of 1986 is amended by adding at the end the following new section:

''SEC. 9512. DETROIT JOBS TRUST FUND.

''(a) Creation of Trust Fund.--There is established in the Treasury
of the United States a trust fund to be known as the 'Detroit Jobs
Trust Fund', consisting of such amounts as may be appropriated or
credited to such fund as provided in this section or section 9602(b).
''(b) Transfers to Trust Fund.--There are hereby appropriated to
the Detroit Jobs Trust Fund amounts equivalent to receipts in the
Treasury of taxes (including all income, excise, and employment taxes
whether imposed with respect to individuals or businesses) imposed
under this title (with respect to periods after the date of the
enactment of this section) which are (as determined by the Secretary)
attributable to Detroit, Michigan. The city of Detroit, Michigan, shall
provide the Secretary such information as the Secretary may request for
purposes of making the determinations required under this subsection.
For purposes of this subsection, the taxes imposed on a corporation or
other business entity shall not be treated as attributable to Detroit,
Michigan, merely because the headquarters of such corporation or entity
is located in Detroit, Michigan.
''(c) Expenditures.--
''(1) In general.--Except as otherwise provided in this
subsection, amounts in the Detroit Jobs Trust Fund shall
(without need of any further appropriation) be distributed
annually by the Secretary to the city of Detroit, Michigan, to
carry out the purposes described in paragraph (2).
''(2) Use of expenditures.--Amounts distributed to the city
of Detroit, Michigan, under this section shall be used for the
following purposes and in the following order of priority:
''(A) First, of the amounts distributed with
respect the annual period not in excess of the Detroit
income tax suspension hold harmless amount, for any
purpose determined by the city government of Detroit,
Michigan.
''(B) Second, for payment of principal and interest
on any general obligation issued by the city of
Detroit, Michigan (to the extent of such obligations).
''(C) Third, for payment of principal and interest
on obligations to which section 103 applies and the
proceeds of which were used for the public schools of
the city of Detroit, Michigan (to the extent of such
obligations).
''(D) Fourth, for jobs development, public safety,
education, business infrastructure, or public
infrastructure (to the extent consistent with the plan
described in paragraph (4)).
''(3) Restriction on distributions.--No distribution shall
be made by the Secretary under paragraph (1) unless--
''(A) the city of Detroit, Michigan, does not
impose an income tax with respect to the period to
which such distribution relates,
''(B) such city has reduced the aggregate property
taxes imposed by an amount not less than the reduction
in the payment obligations of such city by reason of
the payments described in paragraph (2),
''(C) all prior distributions made to the city
under paragraph (2) were used by the city in a manner
consistent with the requirements of paragraph (2), and
''(D) such city has provided such information to
the Comptroller General of the United States as the
Comptroller General may request to carry out section
2(b) of the Detroit Economic Competitiveness Act.
''(4) 5-year development plan.--A plan is described in this
paragraph if such plan--
''(A) is a 5-year plan describing development goals
for Detroit, Michigan, and detailing how distributions
for purposes described in paragraph (2)(D) will be
spent,
''(B) has been approved by simple majority vote of
the City Council of Detroit, Michigan (after
consultation with the Detroit Board of Education), and
''(C) has been submitted to, and approved by, the
Secretary of the Treasury, the Secretary of Housing and
Urban Development, and the Secretary of Education.
No distribution shall be made under paragraph (1) for a purpose
described in paragraph (2)(D) unless a plan described in this
paragraph is in effect and all prior such distributions for
such purposes were used in accordance with such plan.
''(5) Special rules during period of plan development.--
During the period during which the plan described in paragraph
(4) is developed (but not in excess of the 5-month period
beginning on the date of the first distribution under paragraph
(1)), amounts distributed may be used concurrently for the
purposes described in subparagraphs (A), (B), and (C) of
paragraph (2).
''(6) Detroit income tax suspension hold harmless amount.--
''(A) In general.--For purposes of paragraph
(2)(A), the term 'Detroit income tax suspension hold
harmless amount' means the amount (as determined by the
Secretary) of revenue collected by the city of Detroit
pursuant to the income tax imposed by such city during
the calendar year preceding the calendar year which
includes the date of the enactment of this section.
''(B) Cross reference.--For provision which
requires suspension of the Detroit income tax, see
paragraph (3)(A).
''(C) Tax returns may still be required.--The city
of Detroit, Michigan, shall not be treated as failing
to satisfy the requirement of paragraph (3)(A) with
respect to any period merely because taxpayers are
required to file tax returns and report income with
respect to such period.
''(7) Amounts made available not to reduce other funding.--
Amounts distributed to the city of Detroit, Michigan, under
this section shall supplement, and not supplant, any other
funding (including any Federal funding) for such city.
''(d) Termination.--No amount shall be distributed from, or
appropriated to, the Detroit Jobs Trust Fund after the 5-year period
beginning on the date of the enactment of this section. Any amounts
remaining in such Trust Fund at the end of such period shall be
transferred to the general fund of the Treasury. The 5-year period
specified in this subsection shall not be renewed or extended.''.
(b) GAO Reports.--The Comptroller General of the United States
shall submit an annual report to Congress which--
(1) describes the manner and purposes for which
distributions made from the Detroit Jobs Trust Fund have been
used,
(2) describes the extent to which progress has been made
toward meeting the development goals under the plan described
in section 9512(c)(4) of the Internal Revenue Code of 1986 (as
added by this section) and whether such progress is consistent
with meeting such goals, and
(3) includes any recommendations the Comptroller General
may have regarding improvements to the program described in
section 9512 of such Code.
The first such annual report shall be submitted not later than 90 days
after the 1-year period beginning on the date of the enactment of this
Act and the last such annual report shall be submitted not later than
90 days after the date on which the Detroit Jobs Trust Fund terminates
pursuant to section 9512(d) of such Code.
(c) Clerical Amendment.--The table of sections for subchapter A of
chapter 98 of the Internal Revenue Code of 1986 is amended by adding at
the end the following new item:

''Sec. 9512. Detroit Jobs Trust Fund.''.

SEC. 3. ZERO CAPITAL GAINS RATE FOR CERTAIN NEW INVESTMENTS IN DETROIT,
MICHIGAN.

(a) In General.--Subchapter Y of chapter 1 of the Internal Revenue
Code of 1986 is amended by adding at the end the following new part:

''PART IV--CERTAIN NEW INVESTMENTS IN DETROIT, MICHIGAN

''Sec. 1400V. Zero capital gains rate for certain new investments in
Detroit, Michigan.

''SEC. 1400V. ZERO CAPITAL GAINS RATE FOR CERTAIN NEW INVESTMENTS IN
DETROIT, MICHIGAN.

''(a) In General.--Gross income does not include any qualified
capital gain from the sale or exchange of a specified new investment
held for more than 1 year.
''(b) Specified New Investment.--For purposes of this section--
''(1) In general.--The term 'specified new investment'
means--
''(A) any qualified stock,
''(B) any qualified partnership interest, and
''(C) any qualified business property.
''(2) Qualified stock.--
''(A) In general.--Except as provided in
subparagraph (B), the term 'qualified stock' means any
stock in a domestic corporation if--
''(i) such stock is acquired by the
taxpayer during the 1-year period beginning on
the date of the enactment of this section, at
its original issue (directly or through an
underwriter) from the corporation solely in
exchange for cash,
''(ii) as of the time such stock was
issued, such corporation was a specified
Detroit business (or, in the case of a new
corporation, such corporation was being
organized for purposes of being a specified
Detroit business), and
''(iii) during substantially all of the
taxpayer's holding period for such stock, such
corporation qualified as a specified Detroit
business.
''(B) Redemptions.--A rule similar to the rule of
section 1202(c)(3) shall apply for purposes of this
paragraph.
''(3) Qualified partnership interest.--The term 'qualified
partnership interest' means any capital or profits interest in
a domestic partnership if--
''(A) such interest is acquired by the taxpayer
during the 1-year period beginning on the date of the
enactment of this section, from the partnership solely
in exchange for cash,
''(B) as of the time such interest was acquired,
such partnership was a specified Detroit business (or,
in the case of a new partnership, such partnership was
being organized for purposes of being a specified
Detroit business), and
''(C) during substantially all of the taxpayer's
holding period for such interest, such partnership
qualified as a specified Detroit business.
A rule similar to the rule of paragraph (2)(B) shall apply for
purposes of this paragraph.
''(4) Qualified business property.--
''(A) In general.--The term 'qualified business
property' means tangible property if--
''(i) such property was acquired by the
taxpayer by purchase (as defined in section
179(d)(2)) during the 1-year period beginning
on the date of the enactment of this section,
''(ii) the original use of such property in
Detroit, Michigan, commences with the taxpayer,
and
''(iii) during substantially all of the
taxpayer's holding period for such property,
substantially all of the use of such property
was in a specified Detroit business of the
taxpayer.
''(B) Special rule for substantial improvements.--
The requirements of clauses (i) and (ii) of
subparagraph (A) shall be treated as satisfied with
respect to--
''(i) property which is substantially
improved by the taxpayer before the end of the
period described in subparagraph (A)(i), and
''(ii) any land on which such property is
located.
The determination of whether a property is
substantially improved shall be made under clause (ii)
of section 1400B(b)(4)(B), except that 'the date of the
enactment of section 1400V' shall be substituted for
'December 31, 1997' in such clause.
''(c) Qualified Capital Gain.--For purposes of this section--
''(1) In general.--Except as otherwise provided in this
subsection, the term 'qualified capital gain' means any gain
recognized on the sale or exchange of--
''(A) a capital asset, or
''(B) property used in the trade or business (as
defined in section 1231(b)).
''(2) Gain before enactment not qualified.--The term
'qualified capital gain' shall not include any gain
attributable to periods before the date of the enactment of
this section.
''(3) Certain rules to apply.--Rules similar to the rules
of paragraphs (3), (4), and (5) of section 1400B(e) shall apply
for purposes of this subsection.
''(d) Specified Detroit Business.--For purposes of this section,
the term 'specified Detroit business' means any enterprise zone
business (as defined in section 1397C), determined--
''(1) without regard to subsections (b)(6) and (c)(5)
thereof,
''(2) by substituting '80 percent' for '50 percent' in
subsections (b)(2) and (c)(1) thereof,
''(3) by treating Detroit, Michigan, as an empowerment zone
(and by treating no area other than Detroit, Michigan, as an
empowerment zone).
''(e) Certain Rules To Apply.--For purposes of this section, rules
similar to the rules of paragraphs (6) and (7) of subsection (b), and
subsections (f) and (g), of section 1400B shall apply; except that for
such purposes section 1400B(g)(2) shall be applied by substituting
'before the date of the enactment of section 1400V' for 'before January
1, 1998, or after December 31, 2014'.
''(f) Regulations.--The Secretary shall prescribe such regulations
as may be appropriate to carry out the purposes of this section,
including regulations to prevent the abuse of the purposes of this
section.''.
(b) Clerical Amendment.--The table of parts for subchapter Y of
chapter 1 of such Code is amended by adding at the end the following
new item:

''Part IV. Certain New Investments in Detroit, Michigan''.

(c) Effective Date.--The amendments made by this section shall
apply to property acquired after the date of the enactment of this Act.

A: Detroit Economic Competitiveness Act - Amends the Internal Revenue Code to establish the Detroit Jobs Trust Fund to finance economic development in Detroit, Michigan. Requires the Secretary of the Treasury to make annual distributions from such Fund to the city of Detroit for payment of debt obligations and for job development, public safety, education, and business and public infrastructure. Prohibits any distributions unless the city of Detroit: (1) does not impose an income tax during a period of distribution, (2) has made specified reductions in aggregate property taxes, (3) has used prior distributions as required under this Act, (4) has provided required information to the Comptroller General (GAO), and (5) has implemented a five-year plan describing development goals for Detroit and detailing how distributions from the Trust Fund will be spent. Terminates such Fund five years after enactment of this Act.

Requires GAO to submit annual reports to Congress describing the use of distributions from the Trust Fund, the extent to which progress has been made in meeting the plan's development goals, and Comptroller General recommendations for improving the program established under this Act.

Excludes from gross income capital gain from the sale or exchange of investment property used in trade or business in Detroit.
****
Q: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Transform America Transaction Fee of
2004''.

SEC. 2. FINDINGS.

The Congress finds the following:
(1) An effective stimulus plan meets the criteria of job
creation, fiscal responsibility, fairness, targeting of unmet
needs, tax reform and revenue sharing.
(2) Economic viability is inexorably linked to the rate of
economic growth.
(3) The current tax structure creates economic distortions
that limit growth and job creation.
(4) The cost of compliance to taxpayers is five billion
hours and approximately $200 billion.
(5) The tax code produces inefficiency in revenue raising
that forces the nation to struggle unnecessarily under the
burden of unequal and inadequate systems of public education
and health care, a crumbling physical and social services
infrastructure, and a crushing national debt.
(6) Restructuring the tax code would promote economic
prosperity.
(7) Replacing existing Federal taxes with a fee on
transactions eliminates systemic inefficiency that plagues the
current tax code.
(8) Implementing a transaction fee would allow businesses
to undertake projects that were not profitable in the past and
workers would be more willing to supply labor than before.
(9) Responsible tax reform is necessary for all to enjoy
financial security, economic prosperity, educational
opportunities, and affordable health care.
(10) Therefore, it is necessary for the Department of the
Treasury to conduct a transaction fee and implementation
feasibility study to achieve these stated goals.

SEC. 3. STUDY ON THE IMPLEMENTATION OF A TRANSACTION FEE.

(a) In General.--The Secretary of the Treasury shall conduct an in-
depth study on the implementation of a transaction tax in the United
States. In particular, such study shall include a detailed feasibility
and impact analysis of the proposal outlined in subsection (b) (as well
as an implementation/action plan) to replace all existing Federal taxes
with a per transaction fee based on the value of the transaction.
(b) Transaction Tax Proposal.--
(1) In general.--The fee under the proposal would apply to
all cash and non-cash transactions (including checks, credit
cards, transfers of stocks, bonds, and other financial
instruments).
(2) Exclusions.--The fee would not apply to--
(A) cash transactions of less than $500, and
(B) salaries and wages by employers to employees.
(3) Cash withdrawals from financial institutions.--The fee
under the proposal would apply to cash withdrawals from
financial institutions and be set at a rate that is either
double or higher than the standard transaction fee.
(4) Fee rate.--
(A) In general.--The fee rate is set at a level
sufficient to generate revenues equal to revenues under
the Internal Revenue Code of 1986.
(B) Other potential uses of fee.--The fee rate
could be structured to cover 1 or more of the
following:
(i) A national debt reduction plan
requiring elimination of the current national
debt of $6.846 trillion over a period of 10
years, with equal annual payments.
(ii) A Federal revenue sharing program
providing funding to States to support 50% of
the K-16 education costs of each State which
agrees to adopt an equitable public school
finance system.
(iii) A Federal program providing health
care insurance coverage (for the current
estimated 43 million uninsured Americans) which
is comparable to the Federal employee benefit
program or Medicare.
(iv) A Federal revenue sharing program
supporting community and economic development
investments in high poverty rural and urban
areas at a level equal to 10% of current
Federal tax revenues.
(5) Progressivity.--The base standard transaction fee shall
not be greater than 1% for all noncash transactions under $500.
If more revenues are needed to meet the requirements of
paragraph (4), the Secretary of the Treasury would calculate
the minimum level of progressivity required to cover these
costs. This progressivity factor may include--
(A) a higher transaction fee for all transactions
above $500, and
(B) a progressive schedule of rates to tiered
ranges of transactions above $500.
(6) General provisions.--
(A) Liability for fee.--Persons become liable for
the fee at the moment the person exercises control over
a piece of property or service, regardless of the
payment method.
(B) Collection.--The fees will be collected by the
seller or financial institution servicing the
transaction.
(c) Report of Study.--
(1) In general.--The results of the study shall be
submitted to the Congress by the Secretary of the Treasury in a
comprehensive analytical report, detailing--
(A) the methodology employed in the calculation of
the fee rate,
(B) the factors considered in assessing feasibility
of the proposed revenue generating system and the
weight applied to each, and
(C) the portion of the transaction fee attributable
to each of the programs identified in paragraph (3)(B)
and the methodology used to calculate each.
(2) Other requirements.--The study shall (in the following
order)--
(A) compute the fee needed to meet current revenue
generation,
(B) compute the fee needed to meet revenue
neutrality and generate additional revenue to support
the program described in paragraph (3)(B)(i) (relating
to national debt reduction plan),
(C) compute the fee needed to meet revenue
neutrality and generate additional revenue to support
all the programs described in paragraph (3)(B), and
(D) determine the utility of pegging changes in the
transaction fee schedule of rates to the rate of
inflation.
(3) Comparative analysis.--The study shall include a
comparative analysis of the existing revenue-raising system
versus the proposed fee-based system on economic behavior. The
study shall include an analysis of effect of the 2 systems on--
(A) job creation,
(B) economic growth,
(C) consumption,
(D) investments, and
(E) savings levels.
(4) Types of transactions.--The study shall include a
broad-based examination of all types and categories of
transactions, including information on frequency and value of
transactions in each category.
(5) Impact of exemptions.--The study shall examine the
impact of the transaction fee exemption for all cash
transactions under $500.
(6) Program operations.--The study shall provide
instructions on program operations, including--
(A) transaction fee collection,
(B) transaction fee implementation, and
(C) transaction fee compliance, enforcement, and
administrative costs.
(7) Fee as tool of fiscal policy.--The study shall assess
the transaction fee as a tool of Federal fiscal policy,
including an impact analysis on the elimination or retention of
existing tax expenditures, incentives, penalties, and credits.
The study should also research and comment on options for
rebating citizens currently not subject to Federal income taxes
and/or other current aspects of the Federal tax code (i.e. the
earned income credit, the alternative minimum tax, and the
child tax credit).
(8) Impact of fee by income levels.--The study shall
include an assessment of the impact of the transaction fee by
quartile income levels.
(9) Implementation plan.--The study shall include a
detailed action plan on how best to implement a transaction tax
in the United States and shall include--
(A) information on timeline, agency reform,
potential pertinent regulatory issues, and type of
congressional action needed, and
(B) an examination of the feasibility of modifying
the overall mission and jurisdiction of the Internal
Revenue Service from one focused on tax law application
to one focused on uncovering and eliminating waste,
fraud, and abuse throughout the Federal Government.
(d) Due Date.--The report of the study shall be submitted to the
Congress not later than 1 year after enactment of this Act.

A:
Transform America Transaction Fee of 2004 - Directs the Secretary of the Treasury to conduct an in-depth study on the implementation of a transaction tax in the United States, including a detailed feasibility and impact analysis of, and an implementation/action plan for, a proposal to replace all existing Federal taxes with a per transaction fee based on the value of the transaction.
****