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Inflation Rebates and Tax Changes for Families and Businesses

This act introduces one-time tax rebates for individuals to help combat inflation and modifies corporate income tax rates. Additionally, it imposes a new surcharge on high-income individuals, estates, and trusts. The legislation aims to provide financial support to citizens and adjust the tax system.
Key points
One-time inflation rebate: Individuals may receive $600 ($1,200 for joint filers) plus $600 per dependent.
Income limitations: The inflation rebate will be gradually reduced for higher-income individuals, starting at $40,000 for single filers, $60,000 for heads of household, and $80,000 for joint filers.
New surcharge for the wealthy: An additional tax of 5% and 3% will be imposed on high-income individuals, estates, and trusts with very high incomes (above $10 million for most taxpayers).
Corporate tax rate changes: Corporate income tax rates will be adjusted to a progressive scale of 18%, 21%, and 26.5% depending on income level.
Spending restrictions: Advance payments of inflation rebates will be disbursed via Treasury-sponsored accounts restricted strictly to use at grocery stores and for gasoline.
Protection from offset: Inflation rebate payments will not be subject to reduction, offset, or other legal processes.
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Additional Information
Print number: 117_S_4060
Sponsor: Sen. Reed, Jack [D-RI]
Process start date: 2022-04-07
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Food and Fuel Family Savings Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_4060.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-04-07.

What are the main provisions?

Key points include:

  • One-time inflation rebate: Individuals may receive $600 ($1,200 for joint filers) plus $600 per dependent.
  • Income limitations: The inflation rebate will be gradually reduced for higher-income individuals, starting at $40,000 for single filers, $60,000 for heads of household, and $80,000 for joint filers.
  • New surcharge for the wealthy: An additional tax of 5% and 3% will be imposed on high-income individuals, estates, and trusts with very high incomes (above $10 million for most taxpayers).
  • Corporate tax rate changes: Corporate income tax rates will be adjusted to a progressive scale of 18%, 21%, and 26.5% depending on income level.
  • Spending restrictions: Advance payments of inflation rebates will be disbursed via Treasury-sponsored accounts restricted strictly to use at grocery stores and for gasoline.
  • Protection from offset: Inflation rebate payments will not be subject to reduction, offset, or other legal processes.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Reed, Jack [D-RI].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

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