H.R.462 - Tax Code Termination Act112th Congress (2011-2012)
|Sponsor:||Rep. Goodlatte, Bob [R-VA-6] (Introduced 01/26/2011)|
|Committees:||House - Ways and Means; Rules|
|Latest Action:||House - 01/26/2011 Referred to House Rules (All Actions)|
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Summary: H.R.462 — 112th Congress (2011-2012)All Information (Except Text)
Introduced in House (01/26/2011)
Tax Code Termination Act - Terminates the Internal Revenue Code of 1986 after December 31, 2015, except for self-employment taxes, Federal Insurance Contributions Act (FICA) taxes, and railroad retirement taxes. Requires a two-thirds majority vote in Congress to change such termination date.
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, 2015.