Tax Reform Action Commission Act of 2005 - Declares that Congress must reform the Internal Revenue Code of 1986 so that the United States has a tax system that is: (1) simple, transparent, and efficient; (2) fair and equitable to all Americans; and (3) neutral between different activities and between current and future consumption.
Establishes in the legislative branch a Tax Reform Action Commission (Commission). Requires the Commission to make recommendations for tax reform to meet those objectives to Congress within two years after it is established.
Directs the Commission to establish task forces in Federal agencies to assist in the making and compiling of recommendations for tax reform.
Sets forth procedures for congressional consideration of the Commission's recommendations.