Bill
Bill > HR6474
summary
Introduced
In Committee
Crossed Over
Passed
Dead
Introduced Session
112th Congress
Bill Summary
Implementation of Simpson-Bowles Spending Reductions Act of 2012 - Prohibits the total amount of appropriations to the White House for the Executive Office of the President, to the President, and to Congress for FY2012-FY2016 from exceeding 85% of the total amount of such appropriations for FY2011. Eliminates cost-of-living adjustments (COLA) for Members of Congress during FY2013-FY2015. Amends the Continuing Appropriations Act, 2011 to extend through December 31, 2015, the freeze on any COLA to the pay of certain federal civilian employees (thus extending such freeze from two to five calendar years). Requires the Office of Management and Budget (OMB) to: (1) take appropriate measures to ensure that the total number of federal employees, beginning in FY2015, does not exceed 90% of the total number of federal employees on September 30, 2011; (2) continuously monitor all agencies, make a determination on whether the total number of federal employees in any quarter of a fiscal year exceeds the maximum number allowed by this Act, and notify the President and Congress if the number exceeds the maximum; and (3) ensure that there is no increase in the procurement of service contracts due to this Act unless a cost comparison demonstrates that such contracts would be financially advantageous to the federal government. Allows the President to waive the workforce limitations imposed by this Act in specified circumstances. Requires OMB to: (1) take appropriate measures through FY2014 to ensure that agencies shall appoint no more than one employee for every three employees retiring or otherwise separating from government service; (2) coordinate with federal departments and independent agencies to take certain steps to limit government printing costs; and (3) dispose of a quantity of real property worth at least $100 million altogether (with specified exceptions) that is not being used, and that will not be used, to meet the needs of the federal government for FY2011-FY2015. Prohibits the total amount of funds appropriated for travel expenses for each agency for each of FY2012-FY2016 from exceeding 80% of the total amount of funds appropriated for FY2011. Reduces the amount available to the General Services Administration for FY2012 and succeeding fiscal years for acquiring new vehicles for the federal fleet to 80% of the amount available for FY2010 for such purpose. Amends the Congressional Budget Act of 1974 to prohibit consideration in Congress of legislation that includes an earmark, limited benefit, or limited tariff benefit. Amends the Internal Revenue Code to: (1) impose after 2012, a 10% income tax rate on taxable income of $100,000 or less and a 20% rate on taxable income over $100,000, and a 20% rate for net capital gain exceeding $1 million; (2) reduce the income tax rate on corporations to a flat rate of 20%; (3) repeal various tax credits, deductions, and exclusions, including the alternative minimum tax (AMT) on individuals; (4) provide for 5-year phaseout of specified tax expenditures, and (5) terminate the authority for issuing certain tax-exempt bonds for financing projects relating to energy conservation, infrastructure, and education.
AI Summary
This bill, the Implementation of Simpson-Bowles Spending Reductions Act of 2012, aims to significantly reduce government spending and reform the tax system. Key provisions include capping appropriations for the White House and Congress at 85% of their 2011 levels, eliminating cost-of-living adjustments (COLAs) for Members of Congress from 2013-2015, and extending a pay freeze for certain federal civilian employees through December 31, 2015. The bill also mandates a 10% reduction in the federal workforce by 2015, requiring agencies to hire only one new employee for every three who leave, and limits government printing costs. Travel expenses for agencies will be capped at 80% of their 2011 amounts, and the purchase of new federal vehicles will be reduced by 20% compared to 2010 levels. Furthermore, the bill requires the sale of at least $100 million in unused federal property and prohibits earmarks, which are specific funding requests by lawmakers, in legislation. On the tax front, it introduces a new two-tier income tax system with rates of 10% and 20%, a flat 20% corporate tax rate, and repeals various tax credits, deductions, and the alternative minimum tax (AMT) for individuals, while also phasing out certain tax expenditures over five years and terminating various tax-exempt bonds for energy, infrastructure, and education projects. The President retains the ability to waive workforce limitations in specific emergency or critical mission circumstances.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Referred to House Budget (on 09/20/2012)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/112th-congress/house-bill/6474/all-info |
| Bill | http://gpo.gov/fdsys/pkg/BILLS-112hr6474ih/pdf/BILLS-112hr6474ih.pdf.pdf |
Loading...