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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jan 6, 2015.
Tax Code Termination Act
Terminates the Internal Revenue Code of 1986 after December 31, 2019, except for self-employment taxes, Federal Insurance Contributions Act (FICA) taxes, and railroad retirement taxes. Requires a two-thirds majority vote in Congress to change such termination date.
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.
Requires that the new federal tax system be approved by Congress in its final form by July 4, 2019.