Summary: S.1376 — 106th Congress (1999-2000)All Information (Except Text)

There is one summary for S.1376. Bill summaries are authored by CRS.

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Introduced in Senate (07/15/1999)

Deficit and Debt Reduction and Social Security Solvency Act of 1999 - Title I: Value Added Tax - Amends the Internal Revenue Code to add a new chapter which imposes a tax on each taxable transaction. Defines such transactions as: (1) the sale of property or services in the United States by a taxable person in connection with a business; (2) the import of property or services for use or consumption in the United States; (3) the (a) sale of property or services (not included in (b)) in the United States other than in connection with business for a consideration that exceeds $1,000, or (b) lease of property in the United States other than in connection with a business, if the fair market value of the leased property exceeds $1,000; and (4) the sale of property or services exported from the United States for use or consumption outside the United States.

Sets forth further provisions: (1) concerning taxable transactions; (2) taxable amount, rate of tax and exemption from tax for certain transactions and certain entities, and credits; (3) administration; and (4) definitions and special rules.

Title I: Surplus Revenues - Establishes in the U.S. Treasury the Debt Reduction and Social Security Solvency Trust Fund into which amounts received from the taxes imposed under title I of this Act will be deposited. Requires the Trust Fund to be used to: (1) pay the administrative costs of collecting such taxes; (2) pay at maturity, or to redeem or buy before maturity, an obligation of the Government included in the public debt; and (3) if any moneys remain after all obligations in (2) are paid, redeemed, or bought, to transfer such moneys to the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund.