S. 727 (112th): Bipartisan Tax Fairness and Simplification Act of 2011

Introduced:
Apr 05, 2011 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee)
Sponsor
Ron Wyden
Senior Senator from Oregon
Party
Democrat
Text
Read Text »
Last Updated
Apr 05, 2011
Length
120 pages
Related Bills
S. 3018 (111th) was a previous version of this bill.

Referred to Committee
Last Action: Feb 23, 2010

 
Status

This bill was introduced on April 5, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced Apr 05, 2011
Referred to Committee Apr 05, 2011
 
Full Title

A bill to amend the Internal Revenue Code of 1986 to make the Federal income tax system simpler, fairer, and more fiscally responsible, and for other purposes.

Summary

No summaries available.

Cosponsors
2 cosponsors (1D, 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)

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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.


4/5/2011--Introduced.
Bipartisan Tax Fairness and Simplification Act of 2011 - Declares as the purposes of this Act to: (1) make the federal individual income tax system simpler, fairer, and more transparent; (2) reduce the income tax rate on corporations, repeal the individual and corporate alternative minimum tax (AMT), and eliminate special tax preferences; and (3) reduce the federal budget deficit.
Amends the Internal Revenue Code to:
(1) reduce the number of tax brackets for individual taxpayers from six to three (i.e., 15, 25, and 35%);
(2) increase the standard tax deduction;
(3) eliminate miscellaneous itemized tax deductions for individuals after 2011;
(4) exclude from gross income 35% of certain dividend income and gain on capital assets;
(5) repeal the AMT for individuals;
(6) allow a new tax credit for interest on state and local bonds;
(7) consolidate and revise rules for tax-exempt retirement plans and education tax credits and deductions and create tax-exempt American Dream Accounts; and
(8) repeal certain income tax credits, deductions, and exclusions, including the tax deduction for punitive damages.
Makes permanent specified provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 that: (1) increased the earned income, dependent care, and child tax credits; and (2) repealed limits on personal exemptions and itemized tax deductions.
Requires the Internal Revenue Service (IRS), beginning on January 1, 2012, to provide taxpayers a simplified Easyfile pre-prepared income tax return and a one-page summary of federal spending on Social Security, Medicare, Medicaid, defense, and interest on the federal debt.
Revises corporate and business-related taxation by:
(1) imposing a flat 24% rate on the taxable income of corporations;
(2) increasing the expensing allowance for depreciable assets;
(3) eliminating certain corporate tax preferences, including the percentage depletion allowance;
(4) modifying foreign tax credit rules applicable to certain large integrated oil companies;
(5) prohibiting advance refunding of tax-exempt bonds;
(6) requiring 30% withholding of certain beneficiaries of foreign accounts; and
(7) allowing overseas corporations a tax deduction for dividends received in 2011 from controlled foreign corporations if such dividends are reinvested in the United States.
Directs the Congressional Budget Office (CBO) to identify and report to Congress on federal direct and indirect spending on businesses.
Increases civil and criminal penalties for noncompliance with information reporting and tax payment requirements. Imposes certain e-filing requirements for large organizations and certain individuals.

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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So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

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