Summary: S.2143 — 103rd Congress (1993-1994)All Information (Except Text)

There is one summary for S.2143. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (05/23/1994)


Title I: Value Added Tax

Title II: Surplus Revenues

Deficit and Debt Reduction and Health Care Financing Act of 1994 - Title I: Value Added Tax - Amends the Internal Revenue Code to impose a five percent tax on taxable transactions (such tax to be known as a value added tax). Describes taxable transactions as the sale, import, or export of certain property or services. Sets forth rules for the administration of such tax.

Title II: Surplus Revenues - Establishes the Deficit Reduction and Health Care Reform Trust Fund. Appropriates to such Fund 80 percent of the revenues from the value added tax to reduce the public debt and 20 percent to carry out Federal health care reform programs.