3.0.0 1040 2023-01-11T19:47:43Z 2023-01-11T19:47:43Z Senate S S 2007-03-29 110 ssfi00 Finance Committee Senate Standing Referred to 2007-03-29T18:25:06Z 2007-03-29 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2007-03-29 Introduced in Senate IntroReferral 10000 9 Library of Congress S000320 Sen. Shelby, Richard C. [R-AL] Richard Shelby R AL C. N C000858 Sen. Craig, Larry E. [R-ID] LARRY CRAIG R ID EDWIN 2007-04-17 False S001078 Sen. Sununu, John E. [R-NH] John Sununu R NH E. 2007-05-01 False I000055 Sen. Isakson, Johnny [R-GA] Johnny Isakson R GA 2007-05-10 False Taxation Civil service retirement Commerce Congress Congressional voting Corporation taxes Cost of living adjustments Economics and Public Finance Estate tax Excise tax Executive compensation Families Flat-rate tax Gift tax Government Operations and Politics House rules and procedure Income tax Indexing (Economic policy) Individual retirement accounts Labor and Employment Legislation Legislative amendments Legislative resolutions Local employees Minimum tax Pension funds Retirement income Self-employed Senate rules and procedure Social Welfare State employees Tax credits Tax deductions Tax exclusion Tax expenditures Tax penalties Tax rates Tax simplification Tax-deferred compensation plans Tax-exempt organizations Unemployment insurance Taxation 00 2007-03-29 Introduced in Senate 2007-04-13T18:34:11Z Redefines "taxable income" to mean the amount by which wages, retirement distributions, and unemployment compensation exceed the standard deduction. Increases the basic standard deduction and includes an additional standard deduction for dependents. Includes in taxable income the taxable income of each dependent child under the age of 14.

Replaces the current tax on corporations with a tax on every person engaged in a business activity equal to 19 percent (17 percent after December 31, 2009) of the business taxable income of such person. Makes the person engaged in the business activity liable for the tax, whether or not such person is an individual, a partnership, or a corporation.

Imposes a tax of 19 percent (17 percent after December 31, 2009) on the value of excludable compensation provided during the year by an employer for the benefit of employees. Makes the employer liable for the tax.

Repeals pension plan rules relating to : (1) non-discrimination; (2) contribution limits; and (3) restrictions on distributions. Revises rules relating to transfers of excess pension assets.

Repeals: (1) the alternative minimum tax; (2) all income tax credits; (3) estate, gift, and generation-skipping transfer taxes; and (4) income tax provisions, except certain provisions relating to retirement distributions and tax-exempt organizations.

Declares it not in order in the House of Representatives or the Senate, unless waived or suspended by a three-fifths vote, to consider any legislation that increases or adds an income tax rate, reduces the standard deduction, or provides any exclusion, deduction, credit, or other benefit that reduces federal revenues.]]>

Tax Simplification Act of 2007 Official Title as Introduced A bill to repeal the current Internal Revenue Code and replace it with a flat tax, thereby guaranteeing economic growth and greater fairness for all Americans. Introduced in Senate IS Display Title Tax Simplification Act of 2007 Short Titles as Introduced Tax Simplification Act of 2007 Introduced in Senate 2007-03-29T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s1040is/xml/BILLS-110s1040is.xml 2007-03-29 Read twice and referred to the Committee on Finance. 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.