3.0.0 727 2022-02-03T06:02:54Z 2022-05-20T16:27:20Z Senate S S 2011-04-05 112 ssfi00 Finance Committee Senate Standing Referred to 2011-04-05T16:25:19Z 2011-04-05 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2011-04-05 Introduced in Senate IntroReferral 10000 9 Library of Congress W000779 Sen. Wyden, Ron [D-OR] Ron Wyden D OR N C000542 Sen. Coats, Daniel [R-IN] DANIEL COATS R IN RAY 2011-04-05 True B001265 Sen. Begich, Mark [D-AK] Mark Begich D AK 2011-04-05 True Taxation Aviation and airports Bank accounts, deposits, capital Business investment and capital Capital gains tax Civil actions and liability Corporate finance and management Employee benefits and pensions Employment taxes Foreign and international banking Foreign and international corporations Fraud offenses and financial crimes General taxation matters 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 Medicare Securities State and local finance State and local government operations Student aid and college costs Tax administration and collection, taxpayers Tax reform and tax simplification Taxation of foreign income Transportation costs Taxation 00 2011-04-05 Introduced in Senate 2011-04-25T20:11:49Z Bipartisan Tax Fairness and Simplification Act of 2011 - 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 for individuals after 2011; (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) consolidate and revise rules for tax-exempt retirement plans and education tax credits and deductions and create tax-exempt American Dream Accounts; and (8) repeal certain income tax credits, deductions, and exclusions, including the 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, 2012, 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) eliminating certain corporate tax preferences, including the percentage depletion allowance; (4) modifying foreign tax credit rules applicable to certain large integrated oil companies; (5) prohibiting advance refunding of tax-exempt bonds; (6) requiring 30% withholding of certain beneficiaries of foreign accounts; and (7) allowing overseas corporations a tax deduction for dividends received in 2011 from controlled foreign corporations if such dividends are reinvested in the United States.

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

Increases civil and criminal penalties for noncompliance with information reporting and tax payment requirements. Imposes certain e-filing requirements for large organizations and certain individuals.

]]> Bipartisan Tax Fairness and Simplification Act of 2011 Short Titles as Introduced Bipartisan Tax Fairness and Simplification Act of 2011 Display Title Bipartisan Tax Fairness and Simplification Act of 2011 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 2011-04-05T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112s727is/xml/BILLS-112s727is.xml 2011-04-05 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.