Progressive Consumption Tax Act of 1984

[AI summary unavailable — showing source text] Progressive Consumption Tax Act of 1984 - 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 tax on the taxable consumption of the taxpayer. Imposes separate progressive rates for: (1) married individuals filing joint returns and surviving spouses; (2) heads of households; (3) unmarried individuals; (4) married individuals filing separate returns; and (5) estates and trusts. Repeals the minimum tax for tax preferences, the tax on accumulated corporate surpluses, and the tax on personal holding companies. Repeals the corporate income tax. Imposes in lieu of the corporate income tax a tax of 30 percent on the taxable consumption of every corporation. Imposes a minimum tax on corporations which accumulate certain levels of surplus income. Imposes the progressive consumption tax on the net income of the taxpayer less any amounts added to savings or any decrease of indebtedness during that year, minus the standard deduction or other deductions allowed. Provides that social security contributions shall be treated as an increase to savings. Provides a $200 tax credit in lie…