s 6 48670 1201064400 false 1201064400 2547 607 110 300010

1/23/2008--Introduced.<br/>Fair and Simple Tax Act of 2008 - Amends the Internal Revenue Code to: (1) establish an alternative income tax rate system with three tax brackets (10, 15, and 30%); (2) repeal the estate and gift tax; (3) adjust the increased alternative minimum tax (AMT) exemption amounts for inflation after 2007 and make such exemptions permanent; (4) reduce the maximum corporate income tax rate to 25%; (5) reduce the maximum tax rate on capital gains to 10%; (6) allow an inflation adjustment to the basis of capital assets for purposes of determining gain or loss; (7) establish new tax-exempt accounts for retirement savings, lifetime savings, and lifetime skills accounts; (8) exempt individuals under age 65 who do not have employer health care coverage from the adjusted gross income threshold for the medical care tax deduction; and (9) make permanent the tax credit for increasing research activities.<br/>Repeals the terminating dates applicable to provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003.

1201064400 2008-01-23 Fri Nov 07 17:34:41 -0600 2008 introduced 48670 '10':48 '65':91 'age':90 'tax':13,21,30,34,39,65 '1986':10 'basi':52 'bill':2 'care':85 'code':8 'free':66 'gain':44,60 'gift':29 'life':74 'loss':62 'rate':35 'save':70,72 'amend':4 'asset':54 'capit':43,59 'creat':63 'estat':27 'gross':79 'incom':20,33,80 'index':50 'medic':84 'reduc':12,31,36 'retir':69 'skill':75 'adjust':78 'altern':17 'corpor':32 'deduct':86 'employ':95 'health':96 'intern':6 'liabil':22 'provid':15 'purpos':56,101 'repeal':25,76 'revenu':7 'account':67 'coverag':97 'lifetim':71 'maximum':38 'percent':49 'tax-fre':64 'determin':18,58 'dividend':46 'individu':24,41,88 'threshold':81 56317 false official introduced 48670 'act':5 'tax':4 '2008':7 'fair':1 'simpl':3 59438 false short introduced 48670 1201064400 Wed Jan 23 00:00:00 -0600 2008 142485 B000611 1939-03-06 4114 274 Russell Senate Office Building http://bond.senate.gov/public/index.cfm?FuseAction=ContactUs.ContactForm 202-224-8149 Christopher 'r':4 'mo':5 'kit':8 'sen':1 'bond':3,7,10 'christoph':2,6,9 M 300010 Bond Christopher_S._Bond S. Sen. Christopher Bond [R, MO] 2055 Kit N00005178 10142 Republican 202-224-5721 Presbyterian MO Kit Christopher Bond 3.32727272727273 http://bond.senate.gov/public/ CSBondMO introduced 48670 1201064400 Wed Jan 23 00:00:00 -0600 2008 142485 action 48670 1201064400 Wed Jan 23 00:00:00 -0600 2008 142486 Read twice and referred to the Committee on Finance.