H.R.4159 - Simplified USA Tax Act of 2007

To amend the Internal Revenue Code of 1986 to restructure and replace the income tax system of the United States to meet national priorities, and for other purposes. view all titles (2)

All Bill Titles

  • Short: Simplified USA Tax Act of 2007 as introduced.
  • Official: To amend the Internal Revenue Code of 1986 to restructure and replace the income tax system of the United States to meet national priorities, and for other purposes. as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
11/13/07
 
 
 
 
 
 
 

Sponsor

E000187

Representative

Philip English

R-PA

No Co-Sponsors

Official Summary

Simplified USA Tax Act of 2007 - Repeals, after 2006, income tax and estate and gift tax provisions of the Internal Revenue Code of 1986. Replaces such Code with a new tax system, to be known as the Simplified USA Tax. Establishes three income tax brackets at 15, 25, and 30% for individual

Official Summary

Simplified USA Tax Act of 2007 - Repeals, after 2006, income tax and estate and gift tax provisions of the Internal Revenue Code of 1986. Replaces such Code with a new tax system, to be known as the Simplified USA Tax. Establishes three income tax brackets at 15, 25, and 30% for individual taxpayers. Redefines \"gross income\" and allows certain exclusions from gross income, including previously-taxed benefits, tax-exempt bond interest, compensation for injuries and sickness, and gain from the sale of a principal residence. Allows tax deductions for alimony and child support, home mortgage interest, certain higher education expenses, and charitable contributions. Allows a tax credit for employee social security payroll taxes.Revises rules for Roth individual retirement accounts (Roth IRAs) to allow taxpayers to make contributions up to the amount of their adjusted gross income. Allows tax-free withdrawals from Roth IRA for any purpose after five years. Establishes new rules for deductible IRAs, annuities, and endowment and life insurance contracts. Revises tax rules for business entities to:
(1) establish an 8% tax rate for the first $150,000 of gross profit (12% for profit in excess of $150,000);
(2) allow a tax credit for social security payroll taxes;
(3) exempt from taxation all export sales income and other foreign-source income; and
(4) establish new tax rules for tax-exempt organizations and certain financial institutions.

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