H.R.29 - Tax Code Termination Act115th Congress (2017-2018) |
|Sponsor:||Rep. Goodlatte, Bob [R-VA-6] (Introduced 01/03/2017)|
|Committees:||House - Ways and Means; Rules|
|Latest Action:||01/03/2017 Referred to House Rules (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.29 — 115th Congress (2017-2018)All Bill Information (Except Text)
Introduced in House (01/03/2017)
Tax Code Termination Act
This bill terminates the Internal Revenue Code of 1986 after December 31, 2021, except for self-employment taxes, Federal Insurance Contributions Act (FICA) taxes, and railroad retirement taxes. A two-thirds majority vote in Congress is required to change such termination date.
The bill 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.
The new federal tax system must be approved by Congress in its final form by July 4, 2021.