Allows an individual: (1) a standard deduction, with an inflation adjustment; (2) limited charitable contribution deductions; and (3) a limited deduction for home acquisition indebtedness.
Allows deductions to a business for: (1) the cost of business inputs (the cost of specified goods, services, travel, entertainment, and lobbying and political expenditures); (2) compensation paid to employees; and (3) the cost of personal and real property used in business activities.
Repeals the estate, gift, and generation-skipping transfer taxes. Repeals provisions concerning: (1) financing of presidential elections; and (2) coal industry health benefits.