H.R.2525 - Fair Tax Act of 1999106th Congress (1999-2000)
|Sponsor:||Rep. Linder, John [R-GA-11] (Introduced 07/14/1999)|
|Committees:||House - Ways and Means|
|Latest Action:||07/14/1999 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.2525 — 106th Congress (1999-2000)All Bill Information (Except Text)
Fair Tax Act of 1999 - Title I: Repeal of the Income Tax, Payroll Taxes, and Estate and Gift Taxes - Amends the Internal Revenue Code to repeal subtitle A (Income Taxes), B (Estate and Gift Taxes), and C (Employment Taxes) of the Internal Revenue Code.
Introduced in House (07/14/1999)
Title II: Sales Tax Enacted - Imposes a tax on the use or consumption in the United States of taxable property or services. Sets the tax rate at 23 percent for the calendar year 2001. Sets the rate, for years after 2001, at the combined sum of the general revenue rate (14.91 percent), the old-age survivors and disability rate, and the hospital insurance rate.
Sets forth provisions concerning, among other things; (1) imports and exports; (2) definitions; (3) credits and refunds; (4) a "family consumption allowance"; (5) Federal and State cooperative tax administration; (6) administrative matters; (7) collections, appeals, and taxpayer rights; (8) special rules (hobbies, gaming, government purchases, non-profits, and etc.); (9) financial intermediation services; and (10) additional matters.
Title III: Other Matters - Sets forth provisions concerning the: (1) phase-out of administration of repealed taxes; (2) administration of other taxes (establishes an Excise Tax Bureau and a Sales Tax Bureau); and (3) sales tax inclusive social security benefits indexation.