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Bill Summary

Page_white_text S747: A bill to terminate the Internal Revenue Code of 1986, and for other purposes    [0 comments]
  • Terminates the Internal Revenue Code of 1986 for taxable years beginning after 2010, except provisions of such Code relating to social security taxation (i.e., taxes on wage, self-employment, and railroad retirement income).
  • Establishes within the legislative branch a National Commission on Tax Reform and Simplification. Directs the Commission to: (1) review the Internal Revenue Code of 1986 and its impact on the economy, families, and the workforce: (2) determine whether the current income tax system can be replaced by more a more efficient and fair system of taxation; and (3) submit a report to Congress on the results of its review with recommendations for fundamental reform and simplification of the Code.
  • Requires congressional approval of a new federal tax system no later than July 4, 2010, or a vote of Congress to reauthorize the Internal Revenue Code of 1986.
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Additional Information
WorldS747 at GovTrack BookS747 at the Library of Congress
Sponsor

Photo Republican
Georgia
http://isakson.senate.gov

Co-Sponsors
Sen. Wayne Allard [R, CO]
Sen. Samuel Brownback [R, KS]
Sen. C. Saxby Chambliss [R, GA]
Sen. Thomas Coburn [R, OK]
Sen. John Cornyn [R, TX]
Sen. Larry Craig [R, ID]
Sen. Michael Crapo [R, ID]
Sen. Jim DeMint [R, SC]
Sen. Lindsey Graham [R, SC]
Sen. Judd Gregg [R, NH]
Sen. Orrin Hatch [R, UT]
Sen. Kay Hutchison [R, TX]
Sen. James Inhofe [R, OK]
Sen. Trent Lott [R, MS]
Sen. Mel Martinez [R, FL]

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