HB 29 Tax Code Termination Act
US Congress 115th Congress
Tax Code Termination Act
HB-29
About HB-29
Tax Code Termination Act This bill terminates the Internal Revenue Code of 1986 after December 31, 2021, except for self-employment taxes, Federal Insurance Contributions Act (FICA) taxes, and railroad retirement taxes. A two-thirds majority vote in Congress is required to change such termination date. The bill 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
The new federal tax system must be approved by Congress in its final form by July 4, 2021.
Bill Texts
Introduced 01/06/2017
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Votes for: 2 Votes against: 0
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