Fair and Simple Tax Act of 2011

Summary

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.

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Timeline

1. 5 January 2011

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 5 January 2011

   Introduced

   Introduced in House

   Source: IntroReferral

3. 5 January 2011

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 5 January 2011 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 5 January 2011

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 5 January 2011

  ViewDownloadOpen at official source

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  Vertaal document

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• Introduced in House

  summary · EN · 5 January 2011

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Dreier, David [R-CA-26] · R · Sponsor
• Rep. Sessions, Pete [R-TX-17] · R · Cosponsor
• Rep. Ross, Dennis A. [R-FL-15] · R · Cosponsor
• · hswm00 · Standing

Related records

• related to ← Capital Gains Inflation Relief Act of 2011