s 4 44252 1175140800 false 1175140800 1040 817 110 300089

3/29/2007--Introduced.<br/>Tax Simplification Act of 2007 - Amends the Internal Revenue Code to replace the marginal income tax rates with a single rate of 19 percent (17 percent after December 31, 2009) on individual taxable income. Redefines &quot;taxable income&quot; to mean the amount by which wages, retirement distributions, and unemployment compensation exceed the standard deduction. Increases the basic standard deduction and includes an additional standard deduction for dependents. Includes in taxable income the taxable income of each dependent child under the age of 14. Replaces the current tax on corporations with a tax on every person engaged in a business activity equal to 19 percent (17 percent after December 31, 2009) of the business taxable income of such person. Makes the person engaged in the business activity liable for the tax, whether or not such person is an individual, a partnership, or a corporation. Imposes a tax of 19 percent (17 percent after December 31, 2009) on the value of excludable compensation provided during the year by an employer for the benefit of employees. Makes the employer liable for the tax. Repeals pension plan rules relating to : (1) non-discrimination; (2) contribution limits; and (3) restrictions on distributions. Revises rules relating to transfers of excess pension assets. Repeals: (1) the alternative minimum tax; (2) all income tax credits; (3) estate, gift, and generation-skipping transfer taxes; and (4) income tax provisions, except certain provisions relating to retirement distributions and tax-exempt organizations. Declares it not in order in the House of Representatives or the Senate, unless waived or suspended by a three-fifths vote, to consider any legislation that increases or adds an income tax rate, reduces the standard deduction, or provides any exclusion, deduction, credit, or other benefit that reduces federal revenues.<br/>

1175140800 2007-03-29 Fri Nov 07 14:27:40 -0600 2008 introduced 44252 'tax':16 'bill':2 'code':9 'fair':23 'flat':15 'econom':19 'growth':20 'intern':7 'repeal':4 'replac':11 'revenu':8 'current':6 'greater':22 'therebi':17 'american':26 'guarante':18 47281 official introduced 44252 'act':3 'tax':1 '2007':5 'simplif':2 50771 short introduced 44252 1175140800 Thu Mar 29 00:00:00 -0500 2007 116779 S000320 1934-05-06 7503 304 Russell Senate Office Building http://shelby.senate.gov/resources/contact.htm 202-224-3416 Richard 'r':4 'al':5 'sen':1 'shelbi':3,7,9 'richard':2,6,8 M 300089 Shelby Richard_Shelby C. Sen. Richard Shelby [R, AL] 3525 N00009920 10462 Republican 202-224-5744 Presbyterian AL Richard Shelby 3.77083333333333 http://shelby.senate.gov/ C000858 1945-07-20 9683 Larry 'craig':2,4,6 'larri':1,3,5 M 300029 Craig Larry_Craig E. Larry Craig 3529 N00002091 5655 Republican Methodist Larry Craig 0.285714285714286 I000055 1944-12-28 2546 120 Russell Senate Office Building http://isakson.senate.gov/contact.cfm 202-228-0724 John 'r':4 'ga':5 'sen':1 'john':2,6,9 'johnni':8 'isakson':3,7,10 M 400194 Isakson Johnny_Isakson H. Sen. John Isakson [R, GA] 1249 Johnny N00002593 10373 Republican 202-224-3643 Methodist GA Johnny John Isakson 3.75675675675676 http://isakson.senate.gov S001078 1964-09-10 3236 John 'john':1,3,5 'sununu':2,4,6 M 300095 Sununu John_Sununu E. John Sununu 1660 N00000397 5273 Republican Catholic John Sununu introduced 44252 1175140800 Thu Mar 29 00:00:00 -0500 2007 116779 action 44252 1175140800 Thu Mar 29 00:00:00 -0500 2007 116780 Read twice and referred to the Committee on Finance.