3.0.0 269 2023-01-15T21:04:26Z 2023-01-15T21:04:26Z House H HR 2003-01-08 108 hswm00 Ways and Means Committee House Standing Referred to 2003-01-08T15:02:20Z 2003-01-08 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2003-01-08 Introduced in House IntroReferral Intro-H 9 Library of Congress 2003-01-08 Introduced in House IntroReferral 1000 9 Library of Congress E000187 Rep. English, Phil [R-PA-3] PHIL ENGLISH R PA 3 N Taxation Accounting Administrative procedure Agriculture and Food Aliens Alimony Americans in foreign countries Annuities Armed Forces and National Security Athletics Bank accounts Business travel Capital gains tax Cemeteries and funerals Charitable contributions Child support College costs College sports Colleges Commemorations Commerce Conservation of natural resources Contracts Cooperative societies Corporate governance Corporate mergers Corporation taxes Cost of living adjustments Crime and Law Enforcement Damages Debt Department of the Treasury Depreciation and amortization Disability insurance Disabled Dividends Divorce EBB Terrorism Economics and Public Finance Education Education savings accounts Employee ownership Employee training Environmental Protection Estate tax Expatriation Families Finance and Financial Sector Financial services Foreign Trade and International Finance Foreign corporations Foster home care Foundations Fringe benefits Gift tax Gifts Government Operations and Politics Government corporations Habitat conservation Health Health insurance Higher education Historic sites History Home ownership Housing and Community Development Housing finance Immigration Imports Income tax Indexing (Economic policy) Individual retirement accounts Insurance companies Insurance premiums Interest Intergovernmental tax relations International Affairs Labor and Employment Land use Law Leases Life insurance Loan defaults Lobbying Losses Marketing Medical economics Medical research Medical savings accounts Medicare Military pay Military pensions Mortgages Officer personnel Old age, survivors and disability insurance Open space lands Outdoor recreation Partnerships Profit Public Lands and Natural Resources Railroad retirement plans Real estate business Real estate development Recreation areas Rent School personnel Science, Technology, Communications Social Welfare Social security taxes Sports and Recreation Sports facilities Stocks Tax administration Tax credits Tax deductions Tax deferral Tax evasion Tax exclusion Tax exemption Tax penalties Tax rates Tax refunds Tax returns Tax simplification Tax treaties Tax-deferred compensation plans Tax-exempt organizations Tax-exempt securities Taxation of foreign income Teachers Telecommunication industry Telephone Territories (U.S.) Terrorism Torts Transportation and Public Works Travel costs Trusts and trustees Unemployment Unrelated business income tax Vocational and technical education Withholding tax Workers' compensation Taxation 00 2003-01-08 Introduced in House 2006-11-28T17:35:40Z Establishes tax rates at 15, 25, and 30 percent. Sets forth provisions defining gross income, exclusions from gross income, alimony and child support deductions, personal and dependency deductions, the family living allowance, the homeowner deduction, the education deduction (equal, as a general rule, to the sum of all qualified education expenses), the philanthropic transfer deduction, the kiddie tax (concerning taxable income of children), and tax credits (including allowing a payroll tax credit).

Sets forth provisions concerning a Roth IRA, a deductible IRA, annuities, endowment contracts, and life insurance contracts. Permits contributions to a Roth IRA of up to the amount of an individual's adjusted gross income. Provides, as a general rule, for the exclusion from gross income of Roth IRA distributions. Sets forth provisions concerning basis, business transactions, and nonrecognition transactions.

Establishes rules for exclusion from gross income, rules relating to deductions, and rules for the rental of real estate.

Requires a trust or estate to prepay the Simplified USA Tax for individuals. Sets the tax rate at 30 percent on the taxable income of a trust or estate when the taxable income exceeds $3,800. Sets forth rules concerning trusts and estates, including rules for credits, deductions, trust income, distributions, beneficiaries, charitable remainder trusts, reversionary interests, and funeral trusts.

Renumbers the current chapter 2 (Tax on Self-Employment Income) of the IRC as chapter 3. Establishes a new chapter 2, "Simplified USA Tax for Businesses." States that the tax equals the amount by which the business tax exceeds the payroll tax credit. Defines the "business tax" as the sum of: (1) 8 percent of the portion of the gross profits of the business entity for the taxable year that does not exceed $150,000; and (2) 12 percent of such portion of the gross profits of the business entity for the taxable year that exceeds $150,000. Directs the Secretary to prescribe rules under which the gross profits of business entities under common control are aggregated for purposes of applying the benefit of the lower rate. States that such rules shall be similar to rules applicable under IRC sections 1551 (Disallowance of the benefits of the graduated corporate rates and accumulated credit) and 1561 (Limitations on certain multiple tax benefits in the case of controlled corporations). Defines the "payroll tax credit" as a credit for the social security, railroad retirement, and hospital insurance taxes paid by an employer.

Sets forth subchapters governing: (1) the basic rules for the business tax; (2) capital contributions, mergers, acquisitions, and distributions; (3) accounting method rules; (4) land and rental property; (5) insurance and financial products; (6) financial intermediation and financial institutions; (7) tax-exempt organizations; (8) cooperatives; (9) sourcing rules; (10) business conducted in a possession; (11) the payroll tax credit; (12) the import tax (as a general rule, eleven percent of the customs value of property or services); and (12) transition, administration, and consolidated returns (permitted, if it would have been permitted under the IRC provisions governing consolidated returns and such provisions were applied by treating each business entity as a corporation and its owners or partners as shareholders).

Provides, in general, that subchapter D (Deferred Compensation) of chapter 1 of the IRC is saved.

Repeals Subtitle B (Estate and Gift Taxes) of the IRC.]]>

Simplified USA Tax Act of 2003 Display Title Simplified USA Tax Act of 2003 Official Title as Introduced 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. Introduced in House IH Short Titles as Introduced Simplified USA Tax Act of 2003 Introduced in House 2003-01-08T05:00:00Z 2003-01-08 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.