Original Status

AAB-05-003: 2021

In the Amending Congress

January 13, 2021

Authors:

Mark Shubert

Sponsors:

Title: The 76 Exemption

Preamble:

WHEREAS the American people are riddled with problems both personally and systemically and the tax burden is one of those problems.

WHEREAS removing the income tax for the majority of the nation

Therefore:

Section 1: Create an income tax exemption for everyone making $76,000 or less a year.

Section 2: The $76,000 amount is based on the start of the fiscal year of 2020 which is October 1, 2019 and its buying power. From that point inflation adjusted so the actual amount will increase with inflation but the $76,000 in real buying power will remain the same.