U.S. Congress - S.2547 Fair and Simple Tax Act of 2008
S.2547 - Fair and Simple Tax Act of 2008
A bill to amend the Internal Revenue Code of 1986 to reduce taxes by providing an alternative determination of income tax liability for individuals, repealing the estate and gift taxes, reducing corporate income tax rates, reducing the maximum tax for individuals on capital gains and dividends to 10 percent, indexing the basis of assets for purposes of determining capital gain or loss, creating tax-free accounts for retirement savings, lifetime savings, and life skills, repealing the adjusted gross income threshold in the medical care deduction for individuals under age 65 who have no employer health coverage, and for other purposes. view all titles (2)
All Bill Titles
- Official: A bill to amend the Internal Revenue Code of 1986 to reduce taxes by providing an alternative determination of income tax liability for individuals, repealing the estate and gift taxes, reducing corporate income tax rates, reducing the maximum tax for individuals on capital gains and dividends to 10 percent, indexing the basis of assets for purposes of determining capital gain or loss, creating tax-free accounts for retirement savings, lifetime savings, and life skills, repealing the adjusted gross income threshold in the medical care deduction for individuals under age 65 who have no employer health coverage, and for other purposes. as introduced.
- Short: Fair and Simple Tax Act of 2008 as introduced.
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Official Summary
1/23/2008--Introduced.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 aOfficial Summary
1/23/2008--Introduced.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.
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.
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Missouri Senators
Updated the Kit Bond stance on FairTax to "Does NOT Support" As a matter of fact, Kit Bond introduced 1/23/2008 into the Senate: S.2547 : A bill to amend the Internal Revenue Code of 1986 to reduce taxes by. [li]providing an al...
WashingtonWatch.com - H.R. 5105, The Fair and Simple Tax Act of 2008
The Fair and Simple Tax Act of 2008 (S. 2547). See Bills on the Same Subject: Capital gains tax, Economic policy, Estate tax, Finance, Gift tax, Health insurance, Health policy, Income tax, Indexing (Economic policy), ...
H.R. 5105: Fair and Simple Tax Act of 2008 (GovTrack.us)
This bill is identical to S. 2547 (Status: Introduced). Question & Answer. Have a question about this bill? Submit a short fact-oriented question and see if it will be answered by other visitors. (If you have a general question about ...
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