H.R.5029 - Economic Freedom Act of 2010111th Congress (2009-2010)
|Sponsor:||Rep. Jordan, Jim [R-OH-4] (Introduced 04/15/2010)|
|Committees:||House - Appropriations; Financial Services; Ways and Means|
|Latest Action:||04/15/2010 Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, and Appropriations, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.|
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Summary: H.R.5029 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in House (04/15/2010)
Economic Freedom Act of 2010 - Amends the Internal Revenue Code to: (1) eliminate the tax on the capital gains of individuals and corporations; (2) reduce the maximum corporate income tax rate to 12.5%; (3) allow a permanent and unlimited expensing allowance for depreciable business assets; and (4) reduce payroll tax rates for employers, employees, and self-employed individuals in 2010.
Makes permanent the repeal of the estate and generation-skipping transfer taxes.
Rescinds unobligated balances available in the American Recovery and Reinvestment Act of 2009. Repeals provisions of such Act relating to the Temporary Assistance to Needy Families program, economic recovery payments, premium assistance for COBRA (health insurance continuation benefits) payments, Medicare and Medicaid health information technology, state fiscal relief, broadband technology, and limits on executive compensation.
Amends the Emergency Economic Stabilization Act to repeal the authority for the Troubled Asset Relief Program (TARP).
Requires the Secretary of the Treasury to sell all stock and warrants acquired by the Secretary under TARP.