The End Of Tax As We Know It?

Monday, May 24, 2004

Six red-state Republican Senators (Brownback (Kan.), Craig (Idaho), Chambliss (Ga.), Crapo (Idaho), Graham (S.C.) & Inhofe (Okla.)) have introduced the Tax Code Termination Act (S. 2463), which would repeal the Internal Revenue Code as of January 1, 2010. The bill does not say what will take the place of the Tax Code. Instead, the bill directs that Congress enact a new "simple and fair" tax law by July 4, 2009 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.

Sen. Craig's press release pegs the repeal date as of January 1, 2008, but the language of the bill says 2010. I guess that is one of the details they will work out later.