US Congress House Bill 99 (Prior Session Legislation)

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Sponsorship: Partisan Bill (Republican 3)
Status: Introduced on January 5 2011 - 25% progression, died in committee
Action: 2011-01-05 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Fair and Simple Tax Act of 2011 - 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 2011 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.

Fair and Simple Tax Act of 2011

Rep. David Dreier [R-CA]

Rep. Dennis Ross [R-FL]

Rep. Pete Sessions [R-TX]

Date	Chamber	Action
2011-01-05	House	Referred to the House Committee on Ways and Means.

HB2945 (Related) 2011-09-15 - Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/112th-congress/house-bill/99/all-info
Text	https://www.congress.gov/112/bills/hr99/BILLS-112hr99ih.pdf