PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Finance.
Congressional Research Service
Version 00 · Introduced in Senate · Jul 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.
People & committees
Sen. Hollings, Ernest F. [D-SC] · D–SC
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Read twice and referred to the Committee on Finance.
Sponsor introductory remarks on measure. (CR S8638)
Introduced in Senate
Primary sources
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Source last updated: Aug 20, 2025. Consult Congress.gov for the current record.
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