Tuna

October 30, 2023

Aye

October 30, 2023

Aye

October 30, 2023

FOR IMMEDIATE RELEASE

Q1, 2013

Dickens' SAFE Act Cuts Deficit, Invests in Families

WASHINGTON D.C. — This weekend, Senator Clint Dickens proposed the Securing America's Finances and Economy (SAFE) Act in the Senate hopper, a bill designed to dramatically reduce the deficit by more than $250 billion per year while also delivering a critical tax cut to working and middle class families. Senator Dickens spoke to the press after submitting the bill:

Quote

"When it comes to the deficit, slashing your way to a balanced budget will do nothing but cut tens of millions of hardworking Americans out of the American dream. You cannot build a sustainable economy with a growing tax base if the wealthiest and most privileged enjoy thirteen successive years of freedom from taxation and consequences. And you cannot say to the next generation that we're thinking about their future while you take away their food, their healthcare, and every other basic necessity they need to live in the here and now.

There is one consistent theme found in every moment in American history when our budget was balanced: the wealthiest were paying their share and the working and middle class were flourishing. That must be our guiding principle.

I proposed the Securing America's Finances and Economy Act because it is the right way to approach the deficit. Get rid of wasteful tax breaks like the estate handout to trust fund kids, ask Wall Street to pay back the hundreds of billions of bailout money with a small fee, crack down on outsourcing, and properly fund the Social Security Trust Fund. The SAFE Act does all this and more. Not only will the promise of retirement be preserved and our deficit reduced by more than $2.5 trillion over the next ten years, every working and middle class family will receive up to $1,500 more per child with the Child Tax Credit. That's real money in the pockets of working and middle class people, the type of investment that can help cover the cost of groceries, education, housing, or a college fund. These are the tough, never say die families who shouldered the burden of the Great Recession. It's time we thanked them by investing in them again and asking the yacht club yuppies to finally do their part again in paying our nation's bills.

We need fiscal responsibility. And fiscal responsibility starts by following the tried and true method of the past that worked in the 1950s through 1960s and again in the 1990s. Expect those who are privileged and entrenched to pay their fair share and empower working and middle class families. It's worked before. It can work again. I have faith in the American people and that is why we need the SAFE Act."

October 29, 2023

I accept.

October 26, 2023

Mr. DICKENS proposes for himself and others

A Bill

To reduce the national deficit, stabilize the funding of the social safety net, and provide tax relief for working and middle class families

SECTION 1: SHORT TITLE
This Act may be cited as the "Securing America's Finances and Economy Act" or the "SAFE Act"

SECTION 2. RESTORATION OF ESTATE TAX PARAMETERS

(a) Exemption Amount:

(1) Subsection (a) of Section 2010 of the Internal Revenue Code of 1986, as amended (hereinafter referred to as the "Code"), is hereby amended to read as follows:

"§ 2010. Unified Credit Against Estate Tax

(a) Basic Exclusion Amount: For purposes of the tax imposed by section 2001, the basic exclusion amount is $3,500,000."

(2) Subsection (c) of Section 2010 of the Code is amended to read as follows:

"(c) Inflation Indexing:

(1) In General: The dollar amount in subsection (a) shall not be indexed for inflation for any calendar year beginning after December 31, 2013."

(b) Tax Rate:

(1) Subsection (c) of Section 2001 of the Code is hereby amended to read as follows:

"§ 2001. Imposition and Rate of Tax

(c) Tax Rate: The tax imposed by this section shall be at the rate of 45 percent on the value of the taxable estate."

(c) Married Couples:

(1) Subsection (c) of Section 2010 of the Code is hereby further amended to read as follows:

"(c) Married Couples: In the case of a surviving spouse, a surviving spouse is allowed to use the unused basic exclusion amount of the predeceased spouse, as determined under subsection (b) of this section, in addition to the basic exclusion amount applicable to the surviving spouse."

SECTION 2. AMENDMENT OF GLOBAL INTANGIBLE LOW-TAXED INCOME RATE

(a) Increase in GILTI Tax Rate:

(1) Subsection (a) of Section 951A of the Internal Revenue Code of 1986 (hereinafter referred to as the "Code") is hereby amended to read as follows:

"§ 951A. Global Intangible Low-Taxed Income

(a) In General: In the case of any United States shareholder, the amount of the global intangible low-taxed income for any taxable year of such shareholder shall be included in the gross income of such shareholder for such taxable year as subpart F income. Such income shall be taxed at the rate of 21 percent."

SECTION 3: JURISDICTION-BY-JURISDICTION CALCULATION OF GILTI

(a) Calculation on a Jurisdiction-by-Jurisdiction Basis:

(1) Subsection (e) of Section 951A of the Code is hereby amended to read as follows:

"§ 951A. Global Intangible Low-Taxed Income

(e) Jurisdiction-by-Jurisdiction Calculation:

(1) In determining the global intangible low-taxed income of a United States shareholder under this section, such income shall be calculated on a jurisdiction-by-jurisdiction basis, taking into account the income, expenses, and other relevant factors associated with each foreign jurisdiction in which the controlled foreign corporation operates. The Secretary shall prescribe regulations and guidelines for implementing this jurisdiction-by-jurisdiction calculation."

SECTION 4: AMENDMENT TO THE FOREIGN-DERIVED INTANGIBLE INCOME TAX RULES

(a) Repeal of FDII Tax Deduction:

(1) Subsection (a) of Section 250 of the Code is hereby amended to read as follows:

"§ 250. Foreign-Derived Intangible Income

(a) Deduction Allowed: In the case of a domestic corporation, there is allowed as a deduction for the taxable year an amount equal to the sum of:

(i) 21.875 percent of the foreign-derived intangible income (as defined in section 250(b)) of the taxpayer for the taxable year, plus

(ii) 10.9375 percent of the global intangible low-taxed income (as defined in section 951A) of the taxpayer for the taxable year.

(2) Repeal of Deduction: The deduction allowed under this section is hereby repealed."

SECTION 5. IMPOSITION OF TRANSACTION FREE ON STOCK SALES AND PURCHASES

(a) Transaction Fee:

(1) In addition to any other tax imposed by this title, there is hereby imposed a transaction fee equal to 0.2 percent of the value of each sale or purchase of a security, including but not limited to stocks, that is executed on a national securities exchange or through any other method.

(b) Applicability:

(1) The transaction fee imposed under this section shall apply to all sales and purchases of securities, except for those transactions that are specifically exempted by the Secretary of the Treasury.

(c) Collection and Payment:

(1) The transaction fee imposed by this section shall be collected and paid to the United States Treasury by the broker or financial institution responsible for executing the sale or purchase of securities.

(d) Administration and Enforcement:

(1) The Secretary of the Treasury shall have the authority to promulgate regulations and guidelines to administer and enforce the provisions of this section.

SECTION 6. MINIMUM TAX ON UNEARNED GAINS FOR HIGH-WEALTH TAXPAYERS

(a) Minimum Tax Imposed:

(1) In addition to any other tax imposed by this title, taxpayers with more than $200 million in wealth shall be subject to a minimum tax on unrealized gains, referred to hereafter as the "Wealth Minimum Tax." The Wealth Minimum Tax shall be equal to 25 percent of the aggregate increase in the fair market value of their assets for the taxable year.

(b) Calculation of Unrealized Gains:

(1) For the purposes of this section, the calculation of unrealized gains shall be made by comparing the fair market value of a taxpayer's assets at the end of the taxable year with the fair market value of those assets at the beginning of the taxable year.

(c) Credit for Taxes Paid on Unrealized Gains:

(1) Any Wealth Minimum Tax paid by a taxpayer on unrealized gains shall be credited against future taxes paid on realized gains to avoid double taxation. The Secretary of the Treasury shall prescribe regulations and guidelines for the application of this credit.

(d) Reporting Requirements:

(1) Taxpayers subject to the Wealth Minimum Tax shall provide the Secretary of the Treasury with a detailed accounting of their assets, their change in value, and any taxes paid on unrealized gains.

(e) Administration and Enforcement:

(1) The Secretary of the Treasury shall have the authority to promulgate regulations and guidelines to administer and enforce the provisions of this section, including determining the valuation of assets.

SECTION 7. SOCIAL SECURITY SOLVENCY

(a) In General: Section 3101 of the Internal Revenue Code of 1986 is hereby amended to read as follows:

Sec. 3101. Rate of tax

(a) Old-Age, Survivors, and Disability Insurance. In addition to other taxes, there is hereby imposed on the income of every individual a tax equal to 6.2 percent of the wages received for employment (as defined in Section 3121 of this Code) during the calendar year, except that the tax shall be applied to all wages without limitation, and without any cap, for the purpose of funding the Old-Age, Survivors, and Disability Insurance (Social Security) program established under Title II of the Social Security Act.

(b) Medicare Hospital Insurance. The tax imposed under subsection (a) shall be collected as part of the tax imposed by Section 3101(b) of this Code for the purpose of funding the Medicare Hospital Insurance program established under Title XVIII of the Social Security Act.
(b) Conforming Amendments: Any references to the cap on Social Security wages in other sections of the Internal Revenue Code, the Social Security Act, or related regulations shall be deemed null and void.

SECTION 8. CHILD TAX CREDIT EXPANSION

(a) In General: Subsection (a) of Section 24 of the Internal Revenue Code of 1986 is hereby amended to read as follows:

Sec. 24. Child Tax Credit

(a) Allowance of Credit. In the case of an eligible individual, there shall be allowed as a credit against the tax imposed by this subtitle for the taxable year with respect to each qualifying child of the taxpayer an amount equal to:

(1) $2,500 for each qualifying child who has not attained the age of 6 years as of the close of the taxable year; and

(2) $2,000 for each qualifying child who has attained the age of 6 years but has not attained the age of 18 years as of the close of the taxable year.

(b) Definitions: Subsection (c) of Section 24 of the Internal Revenue Code of 1986 is hereby amended to read as follows:

(c) Definitions. For purposes of this section:

(1) Eligible Individual: The term "eligible individual" means any individual who is not a nonresident alien individual and who is a taxpayer for the taxable year.

(2) Qualifying Child: The term "qualifying child" has the meaning given to such term under Section 152 of this Code, except as provided in paragraphs (3) and (4).

(3) Advance Payments: The term "advance payments" means the periodic payments made to eligible individuals in accordance with Section 24(d).

(4) Secretary: The term "Secretary" means the Secretary of the Treasury or the Secretary's delegate.

(5) Phaseout Thresholds: The term "phaseout thresholds" means the income thresholds described in Section 24(e).

(6) Child Tax Credit: The term "Child Tax Credit" means the credit allowed by this section.
(c) Advance Payments: Section 24 of the Internal Revenue Code of 1986 is further amended by adding the following subsection:

(d) Advance Payments.

(1) In General. In the case of an eligible individual, the Secretary shall make periodic advance payments of the Child Tax Credit, as determined by the Secretary in accordance with this subsection.

(2) Frequency. The Secretary shall make advance payments on a monthly basis, beginning in the month of July of each taxable year, and continuing until the close of the taxable year.

(3) Amount. The amount of each advance payment shall be equal to one-twelfth of the Child Tax Credit to which the eligible individual is entitled for the taxable year, as determined under subsection (a), based on the information available to the Secretary.

(4) Information. To determine the amount of advance payments, the Secretary may utilize the information provided by the eligible individual's most recently filed tax return or other available information.

(5) Option to Decline Advance Payments. An eligible individual may elect to decline advance payments of the Child Tax Credit for the taxable year.

(6) Regulations. The Secretary may promulgate regulations to carry out this subsection.

(7) No Liability for Repayment. An eligible individual shall not be liable for any amount of advance payments in excess of the Child Tax Credit to which the individual is entitled for the taxable year, except in cases of fraud or negligence.

(8) Reconciliation. At the close of the taxable year, the eligible individual shall reconcile the advance payments received with the Child Tax Credit to which the individual is entitled, and any excess amount shall be repaid by the individual as determined by the Secretary.

(d) Phaseout Thresholds: Section 24 of the Internal Revenue Code of 1986 is further amended by adding the following subsection:

(e) Phaseout Thresholds.

(1) In General. The amount of the Child Tax Credit to which an eligible individual is entitled for the taxable year, as determined under subsection (a), shall be reduced (but not below zero) by $50 for each $1,000 (or fraction thereof) by which the modified adjusted gross income of the taxpayer for such taxable year exceeds the following applicable thresholds:

(A) For a married individual filing a joint return: $150,000.
(B) For a head of household: $112,500.
(C) For all other individuals: $75,000.

SECTION 9: ENACTMENT

This Act shall take effect beginning on December 31, 2013

Quote

PES:

- Restores the Estate Tax to 2009 levels.

- "increases taxes on foreign-earned business income by increasing the Global Intangible Low-Taxed Income (GILTI) tax rate from 10.5 percent to 21 percent, calculating the GILTI tax on a jurisdiction-by-jurisdiction basis, and revising related rules. It would also increase the tax rate on Foreign-Derived Intangible Income (FDII) and repeal the FDII tax deduction" -CRFB
- enacts a financial transactions tax of 0.2% on stock sales and purchases

- establishes a 25% minimum tax on income including unrealized gains for those with more than $200 million in wealth.

- lifts the FICA Cap on Social Security Payroll Taxation

- Increases the Child Tax Credit from $1,000 to $2,500/$2,000. Includes a phaseout based on income level.

October 25, 2023

Name: Clint Dickens

Media: MSNBC

Reason: White House, GOP's handling of Economy

“If there is anything obvious about this White House's approach to the governing in these first 100 days, it's that their modus operandi is 'gut the little guy, protect the powerful.' Look at what's happening. You got President Diaz and Attorney General Garcia running cover for Wall Street criminals, ignoring the concerns of seventy senators including their own Republican Leader. They won't appoint a Special Counsel. We have Republican Senate and Administration officials demanding we take a chainsaw to spending in a way that would impact working families, or else we default. There has never been a better time in America to be a lawless billionaire or banker. Nor has there ever been a worse time to be an honest, law-abiding working class American. This White House is actively loading the dice and stacking the deck against real, everyday Americans. And if that wasn't enough, they're now holding our economy hostage in a desperate attempt to sweep away the few breadcrumbs of wealth and dignity our workers have left. This isn't governance, it's goonery."

October 25, 2023

FOR IMMEDIATE RELEASE

Q1, 2013

Dickens' on FAIR Passage, White House Stonewalling, Nay on Gregg

WASHINGTON D.C. — Senator Clint Dickens spoke to the press concerning the passage of the Financial Accountability and Institutional Reform (FAIR) Resolution, the White House's refusal to recognize the resolution's calls for a special counsel, and his decision to vote nay on the Gregg nomination to Secretary of the Treasury.

"This resolution passed with 70 votes from both sides of the aisle. The leader of the Senate Republicans backed it. We agreed to compromises that made sure it would satisfy all parties and ensure justice. And yet this administration continues to stonewall the American public from the truth about those criminally liable for the 2008 Recession. If this Administration does heed the bipartisan demand for a Special Counsel to prosecute those guilty of a multi-trillion dollar fraud on the American public, they will be complicit in the cover-up. You cannot say we have law and order and equal justice for all while the President and his Attorney General run interference for high-rise crooks. Listen to your own Senate Leader and colleagues. Appoint a Special Counsel now. Until then, I will be opposing any and all of the President's nominees to executive branch posts concerning economic affairs. I am not going to give my vote of affirmation to this President as long as he continues to ignore what his own fellow Republicans acknowledge: we need an independent investigation into Wall Street. And we need it now."

October 25, 2023

Aye

October 25, 2023

Aye

October 25, 2023

Aye

October 25, 2023

Nay

October 25, 2023

Aye

October 25, 2023

Aye

October 21, 2023

Aye

October 21, 2023

Aye

October 21, 2023

Aye

October 20, 2023

Mr. DICKENS proposes for himself and others

A Resolution

To cut the national deficit in half while eliminating income inequality

SECTION 1: SHORT TITLE
This Act may be cited as the "Secure Tax Alleviation and Relief for Americans Act" or the "STAR Act"