[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[S. 1673 Introduced in Senate (IS)]







105th CONGRESS
  2d Session
                                S. 1673

            To terminate the Internal Revenue Code of 1986.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 25, 1998

Mr. Hutchinson (for himself, Mr. Brownback, Mr. Nickles, Mr. Domenici, 
Mr. Abraham, Mr. Coverdell, Mr. Smith of New Hampshire, Mr. Inhofe, Mr. 
 Allard, Mr. Ashcroft, Mr. Sessions, Mr. Craig, Mr. Gregg, Mr. DeWine, 
Mr. Coats, Mr. Lott, Mr. Mack, Mr. Santorum, Mr. Shelby, Mr. Grams, Mr. 
 Gramm, Mr. Murkowski, Mrs. Hutchison, Mr. Smith of Oregon, Mr. Burns, 
and Mr. Faircloth) introduced the following bill; which was read twice 
                and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
            To terminate the Internal Revenue Code of 1986.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Tax Code Termination Act''.

SEC. 2. TERMINATION OF INTERNAL REVENUE CODE OF 1986.

    (a) In General.--No tax shall be imposed by the Internal Revenue 
Code of 1986--
            (1) for any taxable year beginning after December 31, 2001, 
        and
            (2) in the case of any tax not imposed on the basis of a 
        taxable year, on any taxable event or for any period after 
        December 31, 2001.
    (b) Exception.--Subsection (a) shall not apply to taxes imposed 
by--
            (1) chapter 2 of such Code (relating to tax on self-
        employment income),
            (2) chapter 21 of such Code (relating to Federal Insurance 
        Contributions Act), and
            (3) chapter 22 of such Code (relating to Railroad 
        Retirement Tax Act).

SEC. 3. NEW FEDERAL TAX SYSTEM.

    (a) Structure.--The Congress hereby declares that any new Federal 
tax system should be a simple and fair system that--
            (1) applies a low rate to all Americans,
            (2) provides tax relief for working Americans,
            (3) protects the rights of taxpayers and reduces tax 
        collection abuses,
            (4) eliminates the bias against savings and investment,
            (5) promotes economic growth and job creation, and
            (6) does not penalize marriage or families.
    (b) Timing of Implementation.--In order to ensure an easy 
transition and effective implementation, the Congress hereby declares 
that any new Federal tax system should be approved by Congress in its 
final form not later than July 4, 2001.
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