To amend the Internal Revenue Code of 1986 to reduce taxes by providing an alternative determination of income tax liability for individuals, repealing the estate and gift taxes, reducing corporate income tax rates, reducing the maximum tax for individuals on capital gains and dividends to 10 percent, indexing the basis of assets for purposes of determining capital gain or loss, creating tax-free accounts for retirement savings, lifetime savings, and life skills, repealing the adjusted gross income threshold in the medical care deduction for individuals under age 65 who have no employer health coverage, and for other purposes.

Overview Sponsor: Rep. David Dreier [R-CA26]show cosponsors (12) Cosponsors: Roy Blunt [R-MO7] Mary Bono Mack [R-CA45] Eric Cantor [R-VA7] Charles Dent [R-PA15] Vito Fossella [R-NY13] Dean Heller [R-NV2] Walter Herger [R-CA2] Peter King [R-NY3] Candice Miller [R-MI10] George Radanovich [R-CA19] Edward Royce [R-CA40] Peter Sessions [R-TX32] Text: Summary | Full Text Status: Introduced Jan 23, 2008 Referred to Committee View Committee Assignments Reported by Committee (did not occur) House Vote (did not occur) Senate Vote (did not occur) Signed by President (did not occur) This bill never became law. This bill was proposed in a previous session of Congress. Sessions of Congress last two years, and at the end of each session all proposed bills and resolutions that haven't passed are cleared from the books. Members often reintroduce bills that did not come up for debate under a new number in the next session. Last Action: Jan 23, 2008: Referred to the House Committee on Ways and Means. Related: See the Related Legislation page for other bills related to this one and a list of subject terms that have been applied to this bill. Sometimes the text of one bill or resolution is incorporated into another, and in those cases the original bill or resolution, as it would appear here, would seem to be abandoned.

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{{cite web
|url=http://www.govtrack.us/congress/bill.xpd?bill=h110-5105
|title=H.R. 5105
|accessdate=Nov 21, 2009
|author=110th Congress (2008)
|date=Jan 23, 2008
|work=Legislation
|publisher=GovTrack.us
|quote=Fair and Simple Tax Act of 2008
}}