Summary: S.2463 — 108th Congress (2003-2004)All Information (Except Text)

There is one summary for S.2463. Bill summaries are authored by CRS.

Shown Here:
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.