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Fair and Simple Tax Act of 2008
A bill 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.
Other Bill Titles (2 more) 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 increas... moreSee Full Bill Text
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This bill has no amendments.
Bill Status
| Introduced |  | Voted on by Senate | | Voted on by House | | Considered By President | | Bill Becomes Law |
| January 23, 2008 |
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Blog Coverage
November 08, 2008 Missouri Senators
Updated the Kit Bond stance on FairTax to "Does NOT Support" As a matter of fact, Kit Bond introduced 1/23/2008 into the Senate: S.2547 : A bill to amend the Internal Revenue Code of 1986 to reduce taxes by. [li]providing an al...
January 22, 2008 S. 2547, A bill to amend the Internal Revenue Code of 1986 to ...
S. 2547 would 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, ...
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Comments
This is an example of why the Senate of the United States accomplishes actually very little. There is another almost duplicate bill proposed by a democrat! The intentions of this bill are full met by S1025, the FairTax! Gets rid of the income tax on everyone thereby eliminating the corporate income tax, the capital gains taxes, the need for machinations of the retirement accounts taxes, and all other deviations and perversion of the Internal Revenue Code including the IRS! The FairTax. This bill, and others related, illustrates the dire need for implementation of S1025, the FairTax. It's time!
This is an example of why the Senate of the United States accomplishes actually very little. There is another almost duplicate bill proposed by a democrat! The intentions of this bill are full met by S1025, the FairTax! Gets rid of the income tax on everyone thereby eliminating the corporate income tax, the capital gains taxes, the need for machinations of the retirement accounts taxes, and all other deviations and perversion of the Internal Revenue Code including the IRS! The FairTax. This bill, and others related, illustrates the dire need for implementation of S1025, the FairTax. It's time! You may see FairTax.org for more information on the FairTax!
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