H.R.4725 - Tax Code Termination Act109th Congress (2005-2006)
|Sponsor:||Rep. Goodlatte, Bob [R-VA-6] (Introduced 02/08/2006)|
|Committees:||House - Ways and Means|
|Latest Action:||02/08/2006 Referred to the House Committee on Ways and Means.|
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Summary: H.R.4725 — 109th Congress (2005-2006)All Bill Information (Except Text)
Introduced in House (02/08/2006)
Tax Code Termination Act - Terminates 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.