124th Morrison Congress

1st Session
S. 124-0
Title of the Bill:

Tax Reduction

Main Author(s):

Sen. Alice Hsiao

Co-Sponsor(s):

Rep. Jessica Thar (R-MI)

BE IT ENACTED BY THE MORRISON CONGRESS

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SECTION 1: Findings
Congress makes the following findings:
1) Inflation is a hidden regressive tax. A sound monetary policy is critical
for maintaining a strong economy. Inflation diminishes the purchasing power
of the dollar at home and abroad and is a hidden tax on the American people.
(I)
2) Republicans have repeatedly tried to reform the budget process, in
particular by voting for a Balanced Budget Amendment. Congress should
require a major vote on any tax increase, with exceptions for national
emergencies, so that Congress cannot balance the budget by raising taxes.
(I)
3) Both inflation and economic activity should be transparent, because
of the Federal Reserves monetary policy actions. However, the audit of the
Federal Reserve activities must stay insulated from political pressures and
base on economic principles. (I)
4) Republicans were more likely to mention spending on the president,
citing inefficiency, corruption, fraud and examples of foolish-sounding
spending. (II)
5) According to a new government poll, 69 percent of Americans think
that most of the federal budget deficit could be eliminated by cutting waste
and fraud. (III)
SECTION 2: Purpose
The purpose of this bill is to identify and eliminate wasteful and low-priority spending
in order to decrease tax.
SECTION 3: General Provisions
This act is to create a plan for a sustainable future. Government would reduce taxes
for businesses to allow businesses to grow and thus hire more employees. This act
also seeks to limit income taxes for individuals so that people can hold on to more
disposable income, which they can then spend, save or invest.
Government should ensure tax relief especially toward low-income workers and
encourage entrepreneurship and growth by capping the top marginal rate. Moreover,
government should open up more housing opportunities than any government
program to protect the low-income workers.
SECTION 4: Definitions
Transparency: transparency is used as a means of holding public officials
accountable and fighting corruption

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Inflation: a general increase in prices and fall in the purchasing value of money.
Monetary policy: a macroeconomic policy laid down by the central bank. It involves
management of money supply and interest rate and is the demand side economic
policy used by the government of a country to achieve macroeconomic objectives
like inflation, consumption, growth and liquidity.
Audit: an official inspection of an organization's accounts, typically by an
independent body

Works Cited:
I.
http://www.ontheissues.org/Celeb/Republican_Party_Budget_+_Economy.htm
II.
http://www.huffingtonpost.com/2013/03/18/wasteful-spending-poll_n_2886081.html
III.
http://www.ontheissues.org/Celeb/Republican_Party_Tax_Reform.htm
IV.