Progressive Consumption Tax Act of 1983

[AI summary unavailable — showing source text] Progressive Consumption Tax Act of 1983 - Title I: Progressive Consumption Tax - Amends the Internal Revenue Code to repeal the individual income tax. Imposes in lieu of the individual income tax a progressive consumption tax based, among other factors, upon the net increase or decrease in an individual's investment and savings. Repeals the corporate income tax. Imposes in lieu of the corporate income tax a tax on the taxable consumption of every corporation. Imposes a minimum tax on corporations which accumulate certain levels of surplus income. Increases the amount of the personal tax exemption from $1,000 to $2,000. Repeals specified income tax credits, deductions and exclusions. Includes in gross income, for purposes of the progressive consumption tax, the following items of income: (1) prizes and awards; (2) the cost of group-term life insurance purchased for employees; (3) unemployment compensation; (4) social security and tier one railroad retirement benefits; and (5) gifts, bequests, devises and inheritances. Limits the income tax deduction for interest paid to that interest which is related to business or investment activity. Repeals the income tax deduction for real and p…