H.R. 510 (110th): Tax Code Termination Act

HR 510 IH

To terminate the Internal Revenue Code of 1986.

January 17, 2007

Mr. GOODLATTE (for himself, Mr. PETERSON of Minnesota, Mr. KING of Iowa, Mr. MICA, Mr. PUTNAM, Mr. POE, Mr. GOODE, Mr. MCINTYRE, Mr. SENSENBRENNER, Mr. JONES of North Carolina, Mr. INGLIS of South Carolina, Mr. MANZULLO, Mr. GRAVES, Mr. FRANKS of Arizona, Mr. MILLER of Florida, Mr. HENSARLING, Mr. BARTLETT of Maryland, Mr. MCCOTTER, Mr. CULBERSON, Mrs. DRAKE, Mrs. JO ANN DAVIS of Virginia, Mrs. MYRICK, Mr. BARRETT of South Carolina, Mr. HASTINGS of Washington, Mr. FEENEY, Mr. BUYER, Mr. CARTER, Mr. MARIO DIAZ-BALART of Florida, Mr. CONAWAY, Mr. GARRETT of New Jersey, Mr. WICKER, Mr. PENCE, Mr. LINDER, Mr. KUHL of New York, Ms. FOXX, Mr. FLAKE, Mr. EVERETT, Mrs. CUBIN, Mr. BONNER, Mr. BAKER, Mr. ADERHOLT, Mr. BISHOP of Utah, Mr. BRADY of Texas, Mr. CAMP of Michigan, Mrs. CAPITO, Mr. AKIN, Mr. LUCAS, Mr. MCKEON, Mrs. MCMORRIS RODGERS, Mr. SHADEGG, Mr. SHIMKUS, Mr. WAMP, Mr. BILBRAY, Mr. BLUNT, Mr. BOOZMAN, Mr. CRENSHAW, Mr. DOOLITTLE, Mr. FORBES, Mr. GINGREY, Mr. HASTERT, Mr. HAYES, Mr. KLINE of Minnesota, Mr. PETERSON of Pennsylvania, Mr. SMITH of Texas, Mr. STEARNS, Mr. SOUDER, and Mr. PRICE of Georgia) introduced the following bill; which was referred to the Committee on Ways and Means

To terminate the Internal Revenue Code of 1986.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `Tax Code Termination Act'.

SEC. 2. TERMINATION OF INTERNAL REVENUE CODE OF 1986.

(a) In General- No tax shall be imposed by the Internal Revenue Code of 1986--

(1) for any taxable year beginning after December 31, 2010; and

(2) in the case of any tax not imposed on the basis of a taxable year, on any taxable event or for any period after December 31, 2010.

(b) Exception- Subsection (a) shall not apply to taxes imposed by--

(1) chapter 2 of such Code (relating to tax on self-employment income);

(2) chapter 21 of such Code (relating to Federal Insurance Contributions Act); and

(3) chapter 22 of such Code (relating to Railroad Retirement Tax Act).

SEC. 3. NEW FEDERAL TAX SYSTEM.

(a) Structure- The Congress hereby declares that any new Federal tax system should be a simple and fair system that--

(1) applies a low rate to all Americans;

(2) provides tax relief for working Americans;

(3) protects the rights of taxpayers and reduces tax collection abuses;

(4) eliminates the bias against savings and investment;

(5) promotes economic growth and job creation; and

(6) does not penalize marriage or families.

(b) Timing of Implementation- In order to ensure an easy transition and effective implementation, the Congress hereby declares that any new Federal tax system should be approved by Congress in its final form no later than July 4, 2010.

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