H.R.5105 - Fair and Simple Tax Act of 2008

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

  • Short: Fair and Simple Tax Act of 2008 as introduced.
  • Official: 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.

This Bill currently has no wiki content. If you would like to create a wiki entry for this bill, please Login, and then select the wiki tab to create it.

Bill’s Views

  • Today: 1
  • Past Seven Days: 1
  • All-Time: 6,512
 
Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
01/23/08
 
 
 
 
 
 
 

Official Summary

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 af

Official Summary

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.

...Read the Rest




Vote on This Bill

100% Users Support Bill

1 in favor / 0 opposed
 

Send Your Rep a Letter

about this bill Support Oppose Tracking
Track with MyOC