I 112th CONGRESS 1st Session H. R. 86 IN THE HOUSE OF REPRESENTATIVES January 5, 2011 Mrs. Bachmann (for herself, Mr. King of Iowa, and Mr. Schilling) introduced the following bill; which was referred to the Committee on Ways and Means A BILL To prevent pending tax increases, permanently repeal estate and gift taxes, and permanently repeal the alternative minimum tax on individuals, and for other purposes.

1.

Short title

This Act may be cited as the End Tax Uncertainty Act of 2011.

2.

EGTRRA and JGTRRA tax relief made permanent

(a)

Economic growth and tax relief reconciliation act of 2001

Title IX of the Economic Growth and Tax Relief Reconciliation Act of 2001 is hereby repealed. (b)

Income tax rates on dividends and net capital gain

Section 303 of the Jobs and Growth Tax Relief Reconciliation Act of 2003 is hereby repealed. (c)

Effective date

The amendments made by this section shall take effect on the date of the enactment of this Act.

3.

Estate and gift tax permanently repealed

Effective for estates of decedents dying, gifts made, or generation skipping transfers, after December 31, 2010, subtitle B of the Internal Revenue Code of 1986 is repealed.

4.

Repeal of alternative minimum tax on individuals

(a)

In general

Subsection (a) of section 55 (relating to alternative minimum tax imposed) is amended by adding at the end the following new flush sentence: Except in the case of a corporation, no tax shall be imposed by this section for any taxable year beginning after December 31, 2007, and the tentative minimum tax of any taxpayer other than a corporation for any such taxable year shall be zero for purposes of this title.. (b)

Effective date

The amendment made by this section shall apply to taxable years beginning after December 31, 2010.

5.

Maximum corporate income tax rate reduced to 25 percent

(a)

In general

Paragraph (1) of section 11(b) of the Internal Revenue Code of 1986 is amended by striking but does not exceed $75,000 and all that follows and inserting a period. (b)

Personal Service Corporations

Paragraph (2) of section 11(b) of such Code is amended by striking 35 percent and inserting 25 percent. (c)

Conforming Amendments

(1)Subsection (a) of section 1201 of such Code is amended by striking 35 percent each place it appears and inserting 25 percent. (2)Paragraphs (1) and (2) of section 1445(e) of such Code are each amended by striking 35 percent and inserting 25 percent. (d)

Effective date

The amendment made by this section shall apply to taxable years beginning after December 31, 2010.