Individual Tax Simplification Act of 2005
Last action on Jun 22, 2005Sponsor introductory remarks on measure. (CR H4904)
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Summary
The Individual Tax Simplification Act of 2005 (H.R. 2950) proposed significant changes to the federal tax code aimed at streamlining how individuals calculate and pay their taxes. The bill sought to eliminate the Alternative Minimum Tax (AMT) for individuals, remove the phaseout of personal exemptions, and end the overall limit on itemized deductions. To offset the cost of these changes and maintain federal revenue levels, the legislation proposed a new additional tax on individuals with high adjusted gross incomes.
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