Search Results: keywords:"excise tax increase"

  • S. 819 — To amend the Internal Revenue Code of 1986 to provide tax rate parity among all tobacco products, and for other purposes.
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    Status:Introduced in Senate
    Words:2,717

    The bill, titled the “End Tobacco Loopholes Act,” aims to amend the Internal Revenue Code of 1986 to address tax rate disparities among various tobacco products. It proposes significant increases in excise taxes for numerous tobacco items, including cigarettes, cigars, roll-your-own tobacco,...

    Simple Explanation

    The bill wants to make sure all types of tobacco, like cigarettes and vaping liquids, have the same taxes, so people don't buy one because it's cheaper. It raises taxes on these products and checks every year if they need to go up because of inflation, but it doesn't say how this extra money will be used.

  • H. R. 446 — To amend the Internal Revenue Code of 1986 to increase the rate of the excise tax on investment income of private colleges and universities.
    Status:Introduced in House
    Words:272

    H. R. 446 aims to amend the Internal Revenue Code of 1986 by increasing the excise tax on investment income of private colleges and universities from 1.4 percent to 21 percent. The additional revenue generated from this tax increase is intended to be used initially to reduce...

    Simple Explanation

    H.R. 446 is about making private colleges and universities pay a lot more money on the money they make from investments, going from 1.4% to 21%, which is like making a kid give a much bigger piece of their cookie to help out with the grown-ups' bills.