Summary: S.1673 — 105th Congress (1997-1998)All Information (Except Text)

There is one summary for S.1673. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (02/25/1998)

Tax Code Termination Act - Prohibits the imposition of any tax by the Internal Revenue Code: (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. Excepts the: (1) tax on self-employment income (chapter 2 of the Code); (2) Federal Insurance Contributions Act (chapter 21 of the Code); and (3) Railroad Retirement Tax Act (chapter 22 of the Code).

Declares that any new Federal tax system should be a simple and fair system.