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

110th Congress, 2007–2009. Text as of Jan 17, 2007 (Introduced).

Status & Summary | PDF | Source: GPO

I

110th CONGRESS

1st Session

H. R. 510

IN THE HOUSE OF REPRESENTATIVES

January 17, 2007

(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

A BILL

To terminate the Internal Revenue Code of 1986.

1.

Short title

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

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).

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.