3.0.0 2547 2023-01-11T13:15:12Z 2023-01-11T13:15:12Z Senate S S 2008-01-23 110 ssfi00 Finance Committee Senate Standing Referred to 2008-01-23T19:51:25Z Fair and Simple Tax Act of 2008 110 5105 HR 2008-01-23 Referred to the House Committee on Ways and Means. Identical bill CRS 2008-01-23 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2008-01-23 Introduced in Senate IntroReferral 10000 9 Library of Congress B000611 Sen. Bond, Christopher S. [R-MO] CHRISTOPHER BOND R MO S. N Taxation Capital gains tax Economics and Public Finance Estate tax Finance and Financial Sector Gift tax Health Health insurance Income tax Indexing (Economic policy) Individual retirement accounts Labor and Employment Medical economics Minimum tax Research and development tax credit Saving and investment Science, Technology, Communications Tax deductions Tax exemption Tax rates Tax simplification Taxation 00 2008-01-23 Introduced in Senate 2008-02-15T22:53:35Z Fair and Simple Tax Act of 2008 - Amends the Internal Revenue Code to: (1) establish an alternative income tax rate system with three tax brackets (10, 15, and 30%); (2) repeal the estate and gift tax; (3) adjust the increased alternative minimum tax (AMT) exemption amounts for inflation after 2007 and make such exemptions permanent; (4) reduce the maximum corporate income tax rate to 25%; (5) reduce the maximum tax rate on capital gains to 10%; (6) allow an inflation adjustment to the basis of capital assets for purposes of determining gain or loss; (7) establish new tax-exempt accounts for retirement savings, lifetime savings, and lifetime skills accounts; (8) exempt individuals under age 65 who do not have employer health care coverage from the adjusted gross income threshold for the medical care tax deduction; and (9) make permanent the tax credit for increasing research activities.

Repeals the terminating dates applicable to provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003.

]]> Fair and Simple Tax Act of 2008 Display Title Fair and Simple Tax Act of 2008 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to reduce taxes by providing an alternative determination of income tax liability for individuals, repealing the estate and gift taxes, reducing corporate income tax rates, reducing the maximum tax for individuals on capital gains and dividends to 10 percent, indexing the basis of assets for purposes of determining capital gain or loss, creating tax-free accounts for retirement savings, lifetime savings, and life skills, repealing the adjusted gross income threshold in the medical care deduction for individuals under age 65 who have no employer health coverage, and for other purposes. Introduced in Senate IS Short Titles as Introduced Fair and Simple Tax Act of 2008 Introduced in Senate 2008-01-23T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s2547is/xml/BILLS-110s2547is.xml 2008-01-23 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.