H.R. 1805 (ih) To amend the Internal Revenue Code of 1986 to allow a capital loss deduction with respect to the sale or exchange of a principal residence. [Introduced in House] ...

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108th CONGRESS
  1st Session
                                H. R. 1804

    To raise revenue and reduce large and increasing Federal budget 
              deficits due to the cost of the war in Iraq.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 11, 2003

  Mr. Owens introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
    To raise revenue and reduce large and increasing Federal budget 
              deficits due to the cost of the war in Iraq.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Domestic Budget Protection Act of 
2003''.

SEC. 2. FINDINGS.

    The Congress finds:
            (1) The Congress, after review of Congressional Budget 
        Office estimates and other expert opinions, finds that for a 
        prolonged period the amount of revenues collected will be 
        substantially less than the projected Federal expenditures 
        thereby placing burdens and constraints on the budget and 
        appropriations decision-making process.
            (2) The Congress finds that the budget/appropriations for 
        Defense, driven by the war and occupation of Iraq, is likely to 
        grow rapidly and uncontrollably. These obligations will place 
        intense strains on the Budget/Appropriations process.
            (3) The Congress finds that already certain vital federally 
        funded programs are experiencing devastating federal financial 
        assistance cuts. More specifically, assistance for Education, 
        Public Housing, Medicaid, Medicare and Temporary Aid to Needy 
        Families (TANF) are being subjected to unacceptable cuts.
            (4) The Congress finds that there is an established 
        precedent for the long-term financing of a U.S. War effort. A 
        special tax on the profits of the nation's largest corporations 
        would be in accordance with previous precedents: World War I, 
        World War II, Korea and Vietnam.
            (5) The Congress finds that in the last 25 years 
        corporations have steadily borne less and less of the overall 
        tax burden. The corporate share of the tax burden has dropped 
        from a high of 35 percent in 1945 to a level of less than 3 
        percent in the year 2000. At the same time the individual 
        income share of the tax burden has grown from 41 percent in 
        1945 to 50 percent in 2000.
            (6) The Congress finds that it is necessary to suspend 
        further reductions in assistance to domestic programs. It is 
        also imperative that any increases in basic revenue be utilized 
        to increase assistance to vital domestic programs.

SEC. 3. CORPORATE TAX SURCHARGE TO FUND WAR IN IRAQ.

    (a) General Rule.--Subchapter A of chapter 1 of the Internal 
Revenue Code of 1986 (relating to determination of tax liability) is 
amended by adding at the end thereof the following new part:

        ``PART VIII--CORPORATE TAX SURCHARGE TO FUND WAR IN IRAQ

                              ``Sec. 59B. Imposition of surtax.

``SEC. 59B. IMPOSITION OF SURTAX.

    ``(a) Normal Tax.--
            ``(1) In general.--In the case of a specified corporation, 
        the amount of the tax imposed under section 11 for any taxable 
        year shall be increased by the applicable surtax percentage of 
        the amount of the tax imposed under section 11 for such taxable 
        year (determined without regard to this section).
            ``(2) Treatment of certain taxes.--For purposes of 
        paragraph (1), a tax shall be treated as imposed under section 
        11 if the amount of such tax is determined by reference to the 
        provisions of section 11 (or by reference to any rate contained 
        therein).
    ``(b) Minimum Tax.--In the case of a specified corporation, the 
amount of the tentative minimum tax determined under section 55 for any 
taxable year shall be increased by the applicable surtax percentage of 
the amount of the tentative minimum tax for such taxable year 
(determined without regard to this section).
    ``(c) Definitions.--For purposes of this section--
            ``(1) Specified corporation.--The term `specified 
        corporation' means any corporation if the aggregate gross 
        assets of the corporation (as defined in section 1202(d)) (or 
        any predecessor thereof) at any time during the taxable year or 
        any prior taxable year after the date of the enactment of this 
        section exceeds $10,000,000.
            ``(2) Applicable surtax percentage.--The term `applicable 
        surtax percentage' means, with respect to a taxable year 
        beginning in a calendar year, percentage specified by the 
        Secretary as the amount necessary to fund the war in Iraq for 
        such calendar year.
    ``(d) Coordination With Other Provisions.--The provisions of this 
section shall be applied--
            ``(1) after the application of section 1201 and 801(a)(2), 
        but
            ``(2) before the application of any other provision of this 
        title which refers to the amount of tax imposed by section 11 
        or 55, as the case may be.
No penalty shall be imposed by section 6655 by reason of amounts 
imposed by this section.
    ``(e) Application of Section.--For purposes of subsection (c)(2), 
there shall not be taken into account--
            ``(1) expenditures before March 1, 2003, and
            ``(2) expenditures after the earliest date that no member 
        of the Armed Forces of the United States is serving on active 
        duty in Iraq.''
    (b) Clerical Amendment.--The table of parts for subchapter A of 
chapter 1 of such Code is amended by adding at the end thereof the 
following new item:

                              ``Part VIII. Corporate tax surcharge to 
                                        reduce deficit.''
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2002.
                                 <all>

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