All Information (Except Text) for S.1040 - Tax Simplification Act of 2007110th Congress (2007-2008)
|Sponsor:||Sen. Shelby, Richard C. [R-AL] (Introduced 03/29/2007)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 03/29/2007 Read twice and referred to the Committee on Finance. (All Actions)|
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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries
Short Titles - Senate
Short Titles as Introduced
Tax Simplification Act of 2007
Actions Overview (1)
|03/29/2007||Introduced in Senate|
03/29/2007 Introduced in Senate
All Actions (1)
|03/29/2007||Read twice and referred to the Committee on Finance.|
Action By: Senate
03/29/2007 Read twice and referred to the Committee on Finance.
|Sen. Craig, Larry E. [R-ID]||04/17/2007|
|Sen. Sununu, John E. [R-NH]||05/01/2007|
|Sen. Isakson, Johnny [R-GA]||05/10/2007|
|Committee / Subcommittee||Date||Activity||Reports|
|Senate Finance||03/29/2007||Referred to|
Subject — Policy Area:
One Policy Area term, which best describes an entire measure, is assigned to every public bill or resolution.
- Civil service retirement
- Congressional voting
- Corporation taxes
- Cost of living adjustments
- Estate tax
- Excise tax
- Executive compensation
- Flat-rate tax
- Gift tax
- House rules and procedure
- Income tax
- Indexing (Economic policy)
- Individual retirement accounts
- Legislative amendments
- Legislative resolutions
- Local employees
- Minimum tax
- Pension funds
- Retirement income
- Senate rules and procedure
- State employees
- Tax credits
- Tax deductions
- Tax exclusion
- Tax expenditures
- Tax penalties
- Tax rates
- Tax simplification
- Tax-deferred compensation plans
- Tax-exempt organizations
- Unemployment insurance
Latest Summary (1)
Shown Here: Tax Simplification Act of 2007 - Amends the Internal Revenue Code to replace the marginal income tax rates with a single rate of 19 percent (17 percent after December 31, 2009) on individual taxable income.
Introduced in Senate (03/29/2007)
Redefines "taxable income" to mean the amount by which wages, retirement distributions, and unemployment compensation exceed the standard deduction. Increases the basic standard deduction and includes an additional standard deduction for dependents. Includes in taxable income the taxable income of each dependent child under the age of 14.
Replaces the current tax on corporations with a tax on every person engaged in a business activity equal to 19 percent (17 percent after December 31, 2009) of the business taxable income of such person. Makes the person engaged in the business activity liable for the tax, whether or not such person is an individual, a partnership, or a corporation.
Imposes a tax of 19 percent (17 percent after December 31, 2009) on the value of excludable compensation provided during the year by an employer for the benefit of employees. Makes the employer liable for the tax.
Repeals pension plan rules relating to : (1) non-discrimination; (2) contribution limits; and (3) restrictions on distributions. Revises rules relating to transfers of excess pension assets.
Repeals: (1) the alternative minimum tax; (2) all income tax credits; (3) estate, gift, and generation-skipping transfer taxes; and (4) income tax provisions, except certain provisions relating to retirement distributions and tax-exempt organizations.
Declares it not in order in the House of Representatives or the Senate, unless waived or suspended by a three-fifths vote, to consider any legislation that increases or adds an income tax rate, reduces the standard deduction, or provides any exclusion, deduction, credit, or other benefit that reduces federal revenues.