S.2518 - Freedom to Choose Tax Reform Act of 2007

A bill to amend the Internal Revenue Code of 1986 to simplify the individual income tax by providing an election for eligible individuals to only be subject to a simple, low-rate tax system on gross income with an individual tax credit, and for other purposes. view all titles (2)

All Bill Titles

  • Short: Freedom to Choose Tax Reform Act of 2007 as introduced.
  • Official: A bill to amend the Internal Revenue Code of 1986 to simplify the individual income tax by providing an election for eligible individuals to only be subject to a simple, low-rate tax system on gross income with an individual tax credit, and for other purposes. as introduced.

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Introduced
 
Senate
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House
Passes
 
President
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12/18/07
 
 
 
 
 
 
 

Official Summary

Freedom to Choose Tax Reform Act of 2007 - Amends the Internal Revenue Code to allow individual taxpayers an election to choose an alternative income tax system, in lieu of the current tax system. Provides for two tax brackets of 10 and 23%. Eliminates all existing tax credits, but allows a

Official Summary

Freedom to Choose Tax Reform Act of 2007 - Amends the Internal Revenue Code to allow individual taxpayers an election to choose an alternative income tax system, in lieu of the current tax system. Provides for two tax brackets of 10 and 23%. Eliminates all existing tax credits, but allows a $1,000 freedom to choose tax reform individual tax credit and a credit for overpayment of tax.Establishes the Commission on Congressional Budgetary Accountability and Review of Federal Agencies. Directs the President to:
(1) designate two Commission co-chairpersons;
(2) establish a systematic method for assessing the effectiveness and accountability of federal agency programs;
(3) divide such programs into four equal budgetary parts;
(4) submit to the Commission annual assessments of the programs within each part (one each year) that use such method; and
(5) identify common performance measures for programs having similar functions and provide the Commission with data on such measures. Requires the Commission to:
(1) evaluate executive agencies and their programs identified in each assessment;
(2) consider submitted assessments in evaluating programs; and
(3) submit to Congress each of the next four years a plan recommending agencies and programs that should be realigned or eliminated and proposing implementing legislation. Provides for expedited consideration of such legislation.

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