Tax Code Termination Act
Last action on Dec 5, 2006Referred to the House Committee on Ways and Means.
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Summary
Tax Code Termination Act - Mandates the termination of the Internal Revenue Code after December 31, 2010, except for self-employment taxes, Federal Insurance Contributions Act taxes, and Railroad Retirement taxes.
Declares that any new federal tax system should be a simple and fair system that: (1) provides tax relief for working Americans; (2) protects the rights of taxpayers and reduces tax collection abuses; (3) eliminates the bias against savings and investment; (4) promotes economic growth and job creation; and (5) does not penalize marriage or families.
Requires that the new federal tax system be approved by Congress in its final form by July 4, 2010.
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