PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2096)
Congressional Research Service
Version 00 · Introduced in Senate · Apr 7, 2022
Food and Fuel Family Savings Act
This bill allows an individual taxpayer an inflation rebate for the first taxable year beginning in 2022. The amount of such rebate is $600 ($1,200 for joint returns), plus $600 for each of the taxpayer's dependents. The amount of the rebate is reduced for taxpayers whose adjusted gross income exceeds certain levels.
The bill imposes a 5% surcharge on individuals whose modified adjusted gross income exceeds $10 million and a 3% surcharge for incomes exceeding $25 million. It also imposes surcharges on certain high income estates and trusts.
The bill increases the maximum corporate income tax rate to 26.5% for corporate taxable income exceeding $5 million.
People & committees
Sen. Reed, Jack [D-RI] · D–RI
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 S2096)
Introduced in Senate
Primary sources
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Source last updated: Jan 3, 2025. Consult Congress.gov for the current record.
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Analyze S.4060 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
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