Simplified USA Tax Act of 2007

To amend the Internal Revenue Code of 1986 to restructure and replace the income tax system of the United States to meet national priorities, and for other purposes.

11/13/2007--Introduced.
Simplified USA Tax Act of 2007 - Repeals, after 2006, income tax and estate and gift tax provisions of the Internal Revenue Code of 1986. Replaces such Code with a new tax system, to be known as the Simplified USA Tax. Establishes three income tax brackets at 15, 25, and 30% for individual taxpayers. Redefines "gross income" and allows certain exclusions from gross income, including previously-taxed benefits, tax-exempt bond interest, compensation for injuries and sickness, and gain from the sale of a principal residence. Allows tax deductions for alimony and child support, home mortgage interest, certain higher education expenses, and charitable contributions. Allows a tax credit for employee social security payroll taxes.
Revises rules for Roth individual retirement accounts (Roth IRAs) to allow taxpayers to make contributions up to the amount of their adjusted gross income. Allows tax-free withdrawals from Roth IRA for any purpose after five years. Establishes new rules for deductible IRAs, annuities, and endowment and life insurance contracts. Revises tax rules for business entities to:
(1) establish an 8% tax rate for the first $150,000 of gross profit (12% for profit in excess of $150,000);
(2) allow a tax credit for social security payroll taxes;
(3) exempt from taxation all export sales income and other foreign-source income; and
(4) establish new tax rules for tax-exempt organizations and certain financial institutions.

... morehide bill summarySee Full Bill Text

Sponsor

• Rep. Philip English [R, PA-3]

Committees

• House Ways and Means

Amendments

This bill has no amendments.

Amendments to H.R.4159

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
November 13, 2007

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All Bill Actions

• Nov 13, 2007: Referred to the House Committee on Ways and Means.
• Introduced on Nov 13, 2007.

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Related Issue Areas:

• Workers' compensation
• Withholding tax
• Wages
• Vocational education
• 157 more
• Unrelated business income tax
• Unemployment
• Trusts and trustees
• Travel costs
• Transportation
• Trade
• Torts
• Terrorism
• Territories (U.S.)
• Telephone
• Telecommunication industry
• Telecommunication
• Teachers
• Taxation of foreign income
• Tax-exempt organizations
• Tax-deferred compensation plans
• Tax treaties
• Tax simplification
• Tax returns
• Tax refunds
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• Tax penalties
• Tax exemption
• Tax exclusion
• Tax evasion
• Tax deferral
• Tax deductions
• Tax credits
• Tax administration
• Stocks
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Data from the Congressional Research Service

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In the News

November 18, 2007 Subprime Woes and Credit Market Turmoil Bring Down Financial ...

19, 2007 (Associated Press) Last week Ways and Means Chairman Charles B. Rangel (D-NY) and Ranking Member Jim mccrery (R-LA) introduced HR 4159, ...

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Blog Coverage

March 15, 2008 my politics class "flat tax" report

hr 4159, the simplified usa tax act of 2007, is also a simpler progressive tax with rates of 15, 25, and 30% with brackets at under 40k, between 40 k to 80k, and then over 80k respectively. this plan is the most entailed of all ...

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January 29, 2008 tax reform: an overview of proposals in the 110th congress

... nine bills for fundamental tax reform have been introduced: representative john linder's proposal (hr 25), representative michael burgess's proposal (hr 1040), representative phil english's proposal (hr 4159), representative chaka ...

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November 12, 2007 bill action: introduced: hr 4159: to amend the internal revenue ...

philip english [r-pa] introduced hr 4159: to amend the internal revenue code of 1986 to restructure and replace the income tax system of the united states to meet national priorities, and for other purposes. ...

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