Tax Simplification Act of 2003
Latest action · Sep 10, 2003 Referred to the Committee on Ways and Means, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedSep 10, 2003
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Tax Simplification Act of 2003 - Amends the Internal Revenue Code to impose a 19 percent tax (17 percent after December 31, 2004) on the taxable income of every individual.
Redefines "taxable income" to mean the amount by which wages, retirement distributions, and unemployment compensation exceed the standard deduction. Increases the basic standard deduction and includes an additional standard deduction for dependents. Includes in taxable income the taxable income of each dependent child under the age of 14.
Replaces the current tax on corporations with a tax on every person engaged in a business activity equal to 19 percent (17 percent after December 31, 2004) of the business taxable income of such person. Makes the person engaged in the business activity liable for the tax.
Imposes a tax of 19 percent (17 percent after December 31, 2004) on the value of excludable compensation provided during the year by an employer for the benefit of employees. Makes the employer liable for the tax.
Repeals specified provisions: (1) relating to pension plans; and (2) imposing a tax on any employer reversion from a qualified plan.
Revises requirements regarding transfers of excess pension assets.
Repeals provisions respecting: (1) alternative minimum tax; (2) tax credits; (3) estate and gift taxes; and (4) subject to exception, normal taxes and surtaxes.
Makes it not in order in the House of Representatives or the Senate, unless waived or suspended in the House or the Senate by a three-fifths vote of the Members, to consider any bill, joint resolution, amendment thereto, or conference report thereon that includes any provision that increases an income tax rate, creates an additional tax rate, reduces the standard deduction, or provides any exclusion, deduction, credit, or other benefit that results in a reduction in Federal revenues.
Cosponsors 3
Members who signed on, in the order they did. All signed on Sep 10, 2003.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-CO | Joel Hefley | Original | Sep 10, 2003 |
| D-TX | Ralph M. Hall | Original | Sep 10, 2003 |
| R-NC | Sue Wilkins Myrick | Original | Sep 10, 2003 |
Actions 3
Everything that happened, newest first.
- Sep 10, 2003Introduced in House
- Sep 10, 2003Referred to the Committee on Ways and Means, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- Sep 9, 2003Sponsor introductory remarks on measure. (CR H8065)
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1040 | A bill to repeal the current Internal Revenue Code and replace it with a flat tax, thereby guaranteeing economic growth and greater fairness for all Americans. | Identical bill | May 19, 2003 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Civil service retirement
- Commerce
- Congress
- Congressional voting
- Corporation taxes
- Cost of living adjustments
- Economics and Public Finance
- Estate tax
- Excise tax
- Executive compensation
- Families
- Flat-rate tax
- Gift tax
- Government Operations and Politics
- House rules and procedure
- Income tax
- Indexing (Economic policy)
- Individual retirement accounts
- Labor and Employment
- Legislation
- Legislative amendments
- Legislative resolutions
- Local employees
- Minimum tax
- Pension funds
- Retirement income
- Self-employed
- Senate rules and procedure
- Social Welfare
- State employees
- Tax credits
- Tax deductions
- Tax exclusion
- Tax expenditures
- Tax penalties
- Tax rates
- Tax simplification
- Tax-deferred compensation plans
- Tax-exempt organizations
- Taxation
- Unemployment insurance
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.