S.2463 - Tax Code Termination Act108th Congress (2003-2004)
|Sponsor:||Sen. Brownback, Sam [R-KS] (Introduced 05/20/2004)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 05/20/2004 Read twice and referred to the Committee on Finance. (All Actions)|
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Summary: S.2463 — 108th Congress (2003-2004)All Information (Except Text)
Introduced in Senate (05/20/2004)
Tax Code Termination Act - Mandates the termination of the Internal Revenue Code of 1986 after December 31, 2009, except for self-employment taxes, Federal Insurance Contributions Act taxes, and Railroad Retirement taxes.
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, 2009.