Date Certain Tax Code Replacement Act

H.R. 4716, the Date Certain Tax Code Replacement Act, proposes to eliminate most of the current federal tax code by December 31, 2005, with the exception of Social Security and Medicare taxes. To prepare for this deadline, the bill would establish a National Commission on Tax Reform and Simplification to study alternative tax systems and recommend a fairer, simpler replacement to Congress. If a new system is not approved by July 4, 2005, the bill would require Congress to hold a formal vote to reauthorize the existing tax code rather than allowing it to continue automatically.