- Not enactedThe President has not signed this bill
- The senate has not voted
- The house has not voted
Committee on RulesCommittee on Ways and MeansIntroducedFebruary 11th, 2009
- house Committees
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Tax Code Termination Act
To terminate the Internal Revenue Code of 1986.
Tax Code Termination Act - Terminates the Internal Revenue Code of 1986 after December 31, 2012, except for self-employment taxes, Federal Insurance Contributions Act taxes, and railroad retirement taxes. Requires a two-thirds majority vote in Congress to change such termination date. 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. Requires that the new federal tax system be approved by Congress in its final form by July 4, 2012.