Tax Simplification Act of 2007

A bill to repeal the current Internal Revenue Code and replace it with a flat tax, thereby guaranteeing economic growth and greater fairness for all Americans.

3/29/2007--Introduced.
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 "taxable income" 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.


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Sponsor

• Sen. Richard Shelby [R, AL]
• and 3 Co-Sponsors
  • Larry Craig
  • Sen. John Isakson [R, GA]
  • John Sununu
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Committees

• Senate Finance

Amendments

This bill has no amendments.

Amendments to S.1040

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
March 29, 2007

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All Bill Actions

• Introduced on Mar 29, 2007.
• Mar 29, 2007: Read twice and referred to the Committee on Finance.

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Related Issue Areas:

• Self-employed
• Senate rules and procedure
• Social security
• State and local government
• 40 more
• State employees
• Tax credits
• Tax deductions
• Tax exclusion
• Tax expenditures
• Tax penalties
• Tax rates
• Tax simplification
• Tax-deferred compensation plans
• Tax-exempt organizations
• Unemployment insurance
• Taxation
• Aged
• Business
• Children
• Civil service retirement
• Congress
• Congressional voting
• Corporation taxes
• Cost of living adjustments
• Economic policy
• Estate tax
• Excise tax
• Executive compensation
• Flat-rate tax
• Gift tax
• Government employees
• House rules and procedure
• Income tax
• Indexing (Economic policy)
• Individual retirement accounts
• Labor
• Legislation
• Legislative amendments
• Legislative resolutions
• Local employees
• Minimum tax
• Pension funds
• Pensions
• Retirement income

Data from the Congressional Research Service

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Blog Coverage

December 31, 2008 Chinmay Prasad

S. 1040 (Bingaman, Cochran, Kennedy) initiated legislation later to become part of the Improving Americas Schools Act, that would mandate this plan and would authorize funding for programs that would support implementation of the ...

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Source: Chinmay Prasad

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November 26, 2008 OLG Köln: Keine Störerhaftung des Admin-C vor Kenntnis eines ...

Eingedenk dessen, dass die Prüfung der rechtlichen Zulässigkeit einer bestimmten Domain-Bezeichnung grundsätzlich zunächst allein in den Verantwortungsbereich des Anmelders fällt (BGH a.a.O. S. 1040 - ambiente.de), ist nämlich nicht ...

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Source: LEGALIT.de

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October 15, 2008 OLG Köln: Admin-C haftet nicht für eine markenrechtswidrige Domain

Eingedenk dessen, dass die Prüfung der rechtlichen Zulässigkeit einer bestimmten Domain-Bezeichnung grundsätzlich zunächst allein in den Verantwortungsbereich des Anmelders fällt (BGH aaO S. 1040 – ambiente.de), ist nämlich nicht ...

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Source: Dr. Damm & Partner Rechtsanwälte

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