Bill > S277

This bill, the Job Preservation and Economic Certainty Act of 2013, proposes to replace the Budget Control Act's sequester (automatic spending cuts) by closing various tax loopholes and implementing new fees. Key provisions include establishing new discretionary spending limits, imposing a minimum tax on high-income earners (those with over $1 million in adjusted gross income) at a 30% rate on income exceeding certain thresholds, and requiring high-income professionals in specific service fields to pay payroll taxes on their earnings, regardless of their business structure. The bill also aims to end tax breaks for companies that offshore manufacturing, introduces limitations on tax deductions and credits for major integrated oil companies, and proposes a financial crisis responsibility fee on large financial institutions to recoup costs from government bailouts. Additionally, it seeks to curb international tax abuses by changing rules on allocating foreign expenses and taxes, treating excess income from intangible property transfers to low-taxed foreign affiliates as taxable income, and limiting income shifting. A new transaction tax of 0.03% on securities trades is also introduced, with an offset for contributions to certain tax-favored accounts like retirement plans. Finally, the bill modifies accounting rules by repealing the Last-In, First-Out (LIFO) inventory method and the lower of cost or market method, and it aims to ensure consistent tax treatment of stock options for corporations.