h 47340 1194930000 false 1194930000 4159 679 110 400123 11/13/2007--Introduced.<br/>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 &quot;gross income&quot; 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.<br/>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. 1194930000 2007-11-13 Fri Nov 07 02:50:00 -0600 2008 introduced 47340 'act':4 'tax':3 'usa':2 '2007':6 'simplifi':1 54906 false Simplified USA Tax Act of 2007 short introduced 47340 'tax':15 '1986':8 'code':6 'meet':22 'unit':19 'amend':2 'incom':14 'state':20 'intern':4 'nation':23 'purpos':28 'replac':12 'revenu':5 'system':16 'prioriti':24 'restructur':10 54192 false 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. official introduced 47340 1194930000 Tue Nov 13 00:00:00 -0600 2007 136860 E000187 1956-06-20 Philip 'phil':5 'philip':1,3,6 'english':2,4,7 M 400123 English Phil_English Philip English Phil N00001427 4988 Republican Roman Catholic Philip English introduced 47340 1194930000 Tue Nov 13 00:00:00 -0600 2007 136860 action 47340 1194930000 Tue Nov 13 00:00:00 -0600 2007 136861 Referred to the House Committee on Ways and Means.