Official Summary

3/2/2007--Introduced.Tax Code Termination Act - Terminates the Internal Revenue Code of 1986 for taxable years beginning after 2010, except provisions of such Code relating to social security taxation (i.e., taxes on wage, self-employment, and railroad retirement income).Establishes within

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Official Summary

3/2/2007--Introduced.
Tax Code Termination Act - Terminates the Internal Revenue Code of 1986 for taxable years beginning after 2010, except provisions of such Code relating to social security taxation (i.e., taxes on wage, self-employment, and railroad retirement income).
Establishes within the legislative branch a National Commission on Tax Reform and Simplification. Directs the Commission to:
(1) review the Internal Revenue Code of 1986 and its impact on the economy, families, and the workforce:
(2) determine whether the current income tax system can be replaced by more a more efficient and fair system of taxation; and
(3) submit a report to Congress on the results of its review with recommendations for fundamental reform and simplification of the Code.
Requires congressional approval of a new federal tax system no later than July 4, 2010, or a vote of Congress to reauthorize the Internal Revenue Code of 1986.


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