PlainBillCongress, translated.Legislation. Context. Public interest.Congressional Research Service
Version 00 · Introduced in Senate · Dec 30, 2012
Cliff Alleviation at Last Minute Act or the CALM Act - Amends the Internal Revenue Code to: (1) provide for a phased increase in income and capital gain tax rates beginning in 2013 through 2015, and (2) establish a permanent maximum estate tax rate of 45% and a unified estate and gift tax credit of $3.5 million.
Amends the Balanced Budget and Emergency Deficit Control Act of 1985 to authorize the Office of Management and Budget (OMB) to determine which defense and nondefense accounts will be reduced in FY2013-FY2021 to meet deficit reduction requirements and to report to Congress on its recommendations. Sets forth a congressional disapproval procedure for overriding OMB's recommendations.
Amends title XVIII (Medicare) of the Social Security Act to require the Secretary of Health and Human Services to implement reforms under Medicare that result in reduced expenditures equal to $40 billion in each of FY2014-FY2023.
Expresses the sense of the Senate that Congress should address comprehensive tax reform in the 113th Congress.
People & committees
Sen. Manchin, Joe, III [D-WV] · D–WV
Legislative record
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Read twice and referred to the Committee on Finance.
Sponsor introductory remarks on measure. (CR S8548-8549)
Introduced in Senate
Primary sources
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No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Aug 14, 2025. Consult Congress.gov for the current record.
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