3.0.0 3018 2023-01-11T13:16:31Z 2023-01-11T13:16:31Z Senate S S 2010-02-23 111 ssfi00 Finance Committee Senate Standing Referred to 2010-02-23T17:03:48Z 2010-02-23 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2010-02-23 Introduced in Senate IntroReferral 10000 9 Library of Congress W000779 Sen. Wyden, Ron [D-OR] Ron Wyden D OR N G000445 Sen. Gregg, Judd [R-NH] Judd Gregg R NH 2010-02-23 True B000611 Sen. Bond, Christopher S. [R-MO] CHRISTOPHER BOND R MO S. 2010-03-11 False B001265 Sen. Begich, Mark [D-AK] Mark Begich D AK 2010-07-20 False B000382 Sen. Bennett, Robert F. [R-UT] ROBERT BENNETT R UT F. 2010-07-20 False Taxation Accounting and auditing Administrative law and regulatory procedures Aviation and airports Bank accounts, deposits, capital Business investment and capital Capital gains tax Competition and antitrust Congressional oversight Contracts and agency Corporate finance and management Department of the Treasury Employee benefits and pensions Employment taxes Foreign and international banking Fraud offenses and financial crimes Gambling Government employee pay, benefits, personnel management Government information and archives Income tax credits Income tax deductions Income tax exclusion Income tax rates Inflation and prices Interest, dividends, interest rates Internet and video services Internet, web applications, social media Licensing and registrations Medicare Oil and gas Securities State and local government operations Student aid and college costs Tax administration and collection, taxpayers Tax reform and tax simplification Tax treatment of families Taxation 00 2010-02-23 Introduced in Senate 2010-03-25T20:42:02Z Bipartisan Tax Fairness and Simplification Act of 2010 - Declares as the purposes of this Act to: (1) make the federal individual income tax system simpler, fairer, and more transparent; (2) reduce the income tax rate on corporations, repeal the individual and corporate alternative minimum tax (AMT), and eliminate special tax preferences; and (3) reduce the federal budget deficit.

Amends the Internal Revenue Code to: (1) reduce the number of tax brackets for individual taxpayers from six to three (i.e., 15, 25, and 35%); (2) increase the standard tax deduction; (3) eliminate miscellaneous itemized tax deductions after 2010; (4) exclude from gross income 35% of certain dividend income and gain on capital assets; (5) repeal the AMT for individuals; (6) allow a new tax credit for interest on state and local bonds; (7) revise rules for tax-exempt retirement plans and education tax credits and create tax-exempt Lifetime Savings Accounts; and (8) deny a tax deduction for punitive damages.

Makes permanent specified provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 that: (1) increased the earned income, dependent care, and child tax credits; and (2) repealed limits on personal exemptions and itemized tax deductions.

Requires the Internal Revenue Service (IRS), beginning on January 1, 2011, to provide taxpayers a simplified Easyfile pre-prepared income tax return and a one-page summary of federal spending on Social Security, Medicare, Medicaid, defense, and interest on the federal debt.

Revises corporate and business-related taxation by: (1) imposing a flat 24% rate on the taxable income of corporations; (2) increasing the expensing allowance for depreciable assets; (3) repealing deferral of taxes on foreign income; and (4) requiring 30% withholding of certain payments to beneficiaries of foreign accounts.

Directs the Congressional Budget Office (CBO) to identify and report to Congress on federal direct and indirect spending on businesses.

Increases penalties for noncompliance with information reporting requirements.

Sets forth rules and definitions for applying the economic substance doctrine to tax transactions. Imposes penalties for underpayments of tax due to transactions lacking in economic substance.

Imposes a tax on Internet gambling.

]]> Bipartisan Tax Fairness and Simplification Act of 2010 Display Title Bipartisan Tax Fairness and Simplification Act of 2010 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to make the Federal income tax system simpler, fairer, and more fiscally responsible, and for other purposes. Introduced in Senate IS Short Titles as Introduced Bipartisan Tax Fairness and Simplification Act of 2010 Introduced in Senate 2010-02-23T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s3018is/xml/BILLS-111s3018is.xml 2010-02-23 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.