3.0.0 4159 2023-01-11T20:11:52Z 2023-01-11T20:11:52Z House H HR 2007-11-13 110 hswm00 Ways and Means Committee House Standing Referred to 2007-11-13T15:30:30Z 2007-11-13 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2007-11-13 Introduced in House IntroReferral Intro-H 9 Library of Congress 2007-11-13 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 Bonds 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 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 Married people 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 Salaries School personnel Science, Technology, Communications Single people 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 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 Wages Withholding tax Workers' compensation Taxation 00 2007-11-13 Introduced in House 2007-12-11T21:08:19Z 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.

]]> Simplified USA Tax Act of 2007 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 Display Title Simplified USA Tax Act of 2007 Short Titles as Introduced Simplified USA Tax Act of 2007 Introduced in House 2007-11-13T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr4159ih/xml/BILLS-110hr4159ih.xml 2007-11-13 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.