U.S. Rep. Dennis Ross (FL-15) introduced the Bowles-Simpson Plan of Lowering America's Debt Act (BOLD Act) yesterday in the U.S. House of Representatives. This legislation enacts bipartisan reforms to both the tax structure and to federal spending which were initially proposed by the Bowles-Simpson Commission in 2010.
"When Floridians are having to make hard financial decisions as they sit around their kitchen tables and look at their budgets, our government must also be forced to live within its means," said Ross. "As a small business owner, I have had to make a payroll, balance my budget, and reduce spending during difficult economic times. Now it's time for government to do the same. The Bowles-Simpson Plan of Lowering America's Debt Act will enact substantive tax reform for both individuals and corporations while reducing federal government spending."
- Some key points of the BOLD Act include:
* Reducing expenditures for the White House and Congress
* Prohibiting earmarks
* Reducing individual and corporate rates
* Repealing the alternative minimum tax on individuals
* Eliminating wasteful tax expenditures, some with a five-year phase-out
* Setting a flat corporate tax rate of 20 percent
- The BOLD Act narrows the income tax into just two brackets: 10 percent for annual incomes under $100,000 and 20 percent for incomes over $100,000.
- The bill number is H.R. 243.