S.1673 - Tax Code Termination Act105th Congress (1997-1998)
|Sponsor:||Sen. Hutchinson, Tim [R-AR] (Introduced 02/25/1998)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 02/25/1998 Referred to the Committee on Finance. (All Actions)|
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Text: S.1673 — 105th Congress (1997-1998)All Information (Except Text)
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Introduced in Senate (02/25/1998)
[Congressional Bills 105th Congress] [From the U.S. Government Printing Office] [S. 1673 Introduced in Senate (IS)] 105th CONGRESS 2d Session S. 1673 To terminate the Internal Revenue Code of 1986. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES February 25, 1998 Mr. Hutchinson (for himself, Mr. Brownback, Mr. Nickles, Mr. Domenici, Mr. Abraham, Mr. Coverdell, Mr. Smith of New Hampshire, Mr. Inhofe, Mr. Allard, Mr. Ashcroft, Mr. Sessions, Mr. Craig, Mr. Gregg, Mr. DeWine, Mr. Coats, Mr. Lott, Mr. Mack, Mr. Santorum, Mr. Shelby, Mr. Grams, Mr. Gramm, Mr. Murkowski, Mrs. Hutchison, Mr. Smith of Oregon, Mr. Burns, and Mr. Faircloth) introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ A BILL To terminate the Internal Revenue Code of 1986. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Tax Code Termination Act''. SEC. 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, 2001, 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, 2001. (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). SEC. 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 not later than July 4, 2001. <all>