Fair and Simple Tax Act of 2008

To amend the Internal Revenue Code of 1986 to reduce taxes by providing an alternative determination of income tax liability for individuals, repealing the estate and gift taxes, reducing corporate income tax rates, reducing the maximum tax for individuals on capital gains and dividends to 10 percent, indexing the basis of assets for purposes of determining capital gain or loss, creating tax-free accounts for retirement savings, lifetime savings, and life skills, repealing the adjusted gross income threshold in the medical care deduction for individuals under age 65 who have no employer health coverage, and for other purposes.

1/23/2008--Introduced.
Fair and Simple Tax Act of 2008 - Amends the Internal Revenue Code to:
(1) establish an alternative income tax rate system with three tax brackets (10, 15, and 30%);
(2) repeal the estate and gift tax;
(3) adjust the increased alternative minimum tax (AMT) exemption amounts for inflation after 2007 and make such exemptions permanent;
(4) reduce the maximum corporate income tax rate to 25%;
(5) reduce the maximum tax rate on capital gains to 10%;
(6) allow an inflation adjustment to the basis of capital assets for purposes of determining gain or loss;
(7) establish new tax-exempt accounts for retirement savings, lifetime savings, and lifetime skills accounts;
(8) exempt individuals under age 65 who do not have employer health care coverage from the adjusted gross income threshold for the medical care tax deduction; and
(9) make permanent the tax credit for increasing research activities.
Repeals the terminating dates applicable to provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003.

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Sponsor

• Rep. David Dreier [R, CA-26]
• and 12 Co-Sponsors
  • Rep. Roy Blunt [R, MO-7]
  • Rep. Mary Bono Mack [R, CA-45]
  • Rep. Eric Cantor [R, VA-7]
  • Rep. Charles Dent [R, PA-15]
  • Rep. Vito Fossella [R, NY-13]
  • Rep. Dean Heller [R, NV-2]
  • Rep. Walter Herger [R, CA-2]
  • Rep. Peter King [R, NY-3]
  • Rep. Candice Miller [R, MI-10]
  • Rep. George Radanovich [R, CA-19]
  • Rep. Edward Royce [R, CA-40]
  • Rep. Peter Sessions [R, TX-32]
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Committees

• House Ways and Means

Amendments

This bill has no amendments.

Amendments to H.R.5105

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
January 23, 2008

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All Bill Actions

• Jan 23, 2008: Referred to the House Committee on Ways and Means.
• Jan 23, 2008: Sponsor introductory remarks on measure. (CR H392)
• Introduced on Jan 23, 2008.

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Related Bills:

• S.2547

Related Issue Areas:

• Tax simplification
• Tax rates
• Tax exemption
• Tax deductions
• 19 more
• Science policy
• Saving and investment
• Research and development tax credit
• Pensions
• Minimum tax
• Medical economics
• Medical care
• Job training
• Individual retirement accounts
• Indexing (Economic policy)
• Income tax
• Health policy
• Health insurance
• Gift tax
• Finance
• Estate tax
• Economic policy
• Capital gains tax
• Taxation

Data from the Congressional Research Service

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Blog Coverage

April 24, 2008 Heller Still Promoting Giuliani Tax Cut Proposals

HR 5105, was actually introduced by Rep. David Drier (R-CA) on January 23, 2008 , and to date has only 12 co-sponsors. This “Fair and Simple Tax Act” is not quite as fair, nor as simple as the title implies. First, it makes the Bush Tax ...

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Source: Desert Beacon

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March 09, 2008 Far East LA Dist 26 gets a peak at "1040FF"

Today’s mail brought this sample of a Simple Tax form that is part of the “Fair and Simple Tax Act HR 5105″. I hung onto this one long enough to figure out how proposal would affect me. Having had to sort through my binders and get it ...

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Source: Los Angeles Metblogs

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January 25, 2008 ATR Releases Updated 2008 Presidential Tax Matrix

Further, Mayor Rudy Giuliani's tax plan was introduced as "The Fair and Simple Tax Act of 2008" in the House (HR 5105) by Rep. David Dreier (R-Calif.) and in the Senate (S. 2547) by Sen. Kit Bond (R-MO). ...

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Source: Press Release

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