S. 1921 (109th): A bill to promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and replacing such taxes with a national sales tax and a business tax.

Introduced:
Oct 26, 2005 (109th Congress, 2005–2006)
Status:
Died (Referred to Committee)
Sponsor
Jim DeMint
Senator from South Carolina
Party
Republican
Text
Read Text »
Last Updated
Oct 26, 2005
Length
244 pages
Related Bills
S. 25 (Related)
Fair Tax Act of 2005

Referred to Committee
Last Action: Jan 24, 2005

H.R. 25 (Related)
Fair Tax Act of 2005

Referred to Committee
Last Action: Jan 04, 2005

 
Status

This bill was introduced on October 26, 2005, in a previous session of Congress, but was not enacted.

Progress
Introduced Oct 26, 2005
Referred to Committee Oct 26, 2005
 
Summary

No summaries available.

Cosponsors
1 cosponsors (1R) (show)
Committees

Senate Finance

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here. Data comes via the congress project.

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Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


10/26/2005--Introduced.
Repeals: (1) the income tax, including the tax on capital gains and the alternative minimum tax; (2) estate, gift, and generation-skipping transfer taxes; and (3) the Financing of Presidential Election Campaigns provisions.
Imposes a sales tax of 8.4% on the use or consumption of taxable property or services, to be administered and collected by the states. Allows certain credits against such tax for, among other things, business use conversion, export sales, bad debt, insurance proceeds, and previously taxed property. Grants a family consumption allowance for certain low-income families.
Repeals the corporate income tax and related provisions. Imposes a business tax of 8.4% of the annual gross profit on the sale of taxable property and services in the United States by a business entity. Defines "gross profits" as the taxable receipts of a business entity over the allowable deductible amounts for such entity, including the cost of business purchases and loss carryover deductions.
Sets forth rules for the taxation of income from the non-exempt business activities of governmental entities. Revises the tax treatment of charitable and other nonprofit organizations.
Imposes a tax of 8.4% of the customs value of all property brought into the United States for consumption, use, or warehousing.
Revises tax administration provisions, including registration, accounting, penalty, and taxpayer rights provisions.
Prohibits funding of the Internal Revenue Service after FY2010.
Savings for Working Families Act of 2005 - Allows certain low-income individuals to establish individual development accounts (IDAs) to accumulate assets for, among other things, higher education expenses, first-time home purchases, and business capitalization or expansion costs. Provides for federal matching funds to certain financial institutions for investment in IDAs.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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