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HR 24 Comprehensive Tax Reform Act of 2015
Topic Started: 19 Jul 2013, 12:58 AM (412 Views)
Joe Swartz
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48 hours. Vote

Quote:
 
IN THE HOUSE OF REPRESENTATIVES OF THE UNITED STATES

Mr. TALBOT of Pennsylvania and Mr. CALLAGHAN of Massachusetts, on behalf of Mr. REESE of New Hampshire, for Mr. WILLIAMS of South Carolina, Mr. AMOS of Tennesse, Ms. BRUSHBECK of Florida, Mr. LUCAS of Texas, Mr. LUKE of Utah, Mr. STAFFORD of California, Mr. GRIFFITH of South Carolina, Mr. GREENBERG of New York, Mr. KENSINGTON of North Carolina, Ms. WALKER of Oklahoma, Mr. HINN of South Carolina, Mr. BARTON of West Virginia, Mr. DURAN of Florida, Mr. BREWER of Minnesota, Mr. RIGHTINGTON, Ms. ALMORO De ROXAS, themselves and others, introduces

A BILL

To terminate the Internal Revenue Code of 1986 and enact meaningful tax reform for all Americans.


SECTION 1. SHORT TITLE.
(a)This Act may be cited as the 'Comprehensive Tax Reform Act of 2015'.

SECTION 2. TERMINATION OF INTERNAL REVENUE CODE OF 1986.
(a) In General- No tax shall be imposed by the Internal Revenue Code of 1986--
(1) for any taxable year beginning after December 31, 2015; and
(2) in the case of any tax not imposed on the basis of a taxable year, on any taxable event or for any period after December 31, 2015.

(b) Repeal- No tax exemption shall remain in place under the Internal Revenue Code of 1986 as of December 31, 2015 except for those exempted from repeal under paragraph (d).

(c) Further Repeals- The following tax provisions enacted in addition to the Internal Revenue Code of 1986 are hereby permanently repealed:
(1) the alternative minimum tax;
(2) the personal exemption phase-out; and
(3) the phase-out of itemized deductions

(d) Exemptions- Exempt from repeal under paragraph (b) shall be the following existing tax expenditures:
(1) mortgage interest for principle residences,
(2) employer-provided health insurance,
(3) charitable giving,
(4) retirement savings and pensions,
(5) the child tax credit, and
(6) the earned income tax credit.

SECTION 3. ENACTMENT OF NEW INTERNAL REVENUE CODE.
(a) Personal Income Tax Rates shall be as follows beginning January 1, 2016:

PERSONAL INCOME TAX RATES

Quote:
 
2016
Income Bracket (Individual)$0 - $35,000.00$35,000.01 - $75,000$75,000.01 - $150,000$150,000.01 - $500,000$500,000.01+
Rate8%15%25%30%35%


(b) The top Corporate Income Tax Rate shall be 25% effective beginning January 1, 2016.

SECTION 4. CORPORATE INCOME TAXATION.
(a) Corporate Income Tax Rates shall be as follows beginning January 1, 2016:

2016
Income Bracket (Corporate)$0 - $325,000.00$325,000.01 - $500,000.00$500,000.01 - $1,000,000.00$1,000,000.01 - $10,000,000.00$10,000,000.01+
Rate0%10%15%20%25%


SECTION 5. DEFICIT REDUCTION.
(a) From the additional revenue generated via this Act there is dedicated $100,000,000,000.00 for the specific purpose of deficit reduction over the next two (2) fiscal years.

SECTION 6. CAPITAL GAINS TAXATION.
(a) Above a proportion of annual capital gains of 30%, individuals earning capital gains shall have such income treated as regular income under Section 3 of this Act.

SECTION 7. TERRITORIAL TAX SYSTEM.
(a) The United States shall hereby operate a territorial tax system with regards to foreign subsidiaries on its territory.

(b) Under the system established under paragraph (a) income earned by a foreign subsidiary shall be exempt from its country of origin's domestic corporate income tax in favor of the corporate tax established under paragraph (b) of Section 3 of this Act.

Quote:
 
PES:
-Eliminates current tax code including loopholes and deductions except for those listed in 2(d).
-Permanently repeals alternative minimum tax, and two provisions of 'stealth taxes' set to take effect in 2015.
-Reduces overall income tax rates and combines 6 current tax brackets into 3 per charts.
-Establishes the corporate tax rate at 25%.
-Dedicated $100bn to deficit reduction alone over the next two fiscal years.
-Treats 70% of capital gains income as regular income under new income tax rates.
-Establishes a territorial tax system whereby foreign subsidiaries in the US are exempt from their country of origin's domestic corporate income tax in favor of US corporate tax.

(*Scored $30bn revenue positive in game.)


Edited by Joe Swartz, 19 Jul 2013, 04:35 PM.
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Replies:
AK3
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aye
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David Parker
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Aye
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Call
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I like potatos
Aye
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Wolfgang Blitzen
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Aye
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Anthony Rifenburg
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A Personal Campaign Machine - The Frank Underwood of VUSA
Aye
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FairBol
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American Patriot, & DJ
Aye.
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Jon Goldberg
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Democrat
Present
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Dirk Diggler
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Nay
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Tilsley
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I'm Kind Of A Big Deal
Aye
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Jacob Miller
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Aye
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Nick
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Nay
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Henry Jacobsen
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AYE
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JMJ
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Aye
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Knightley
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NAY
Edited by Knightley, 20 Jul 2013, 08:29 PM.
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Joe Swartz
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Voting has ended here.

Aye: 238
Nay: 177
Abstain: 20

This bill will be advanced to the Senate.
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