Tax Increase Prevention Act of 2007 - Repeals the general termination date of the Economic Growth and Tax Relief Reconciliation Act of 2001 (i.e., December 31, 2010), thus making the tax reductions enacted by that Act permanent.
Repeals the termination date for provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003 reducing income tax rates on dividends and capital gains.
Amends the Internal Revenue Code to make permanent: (1) the tax deduction for state and local sales taxes; (2) the tax deduction for tuition and related expenses; (3) the increased expensing allowance for small business assets and related provisions; and (4) the tax credit for increasing research activities.
Expresses the sense of the House of Representatives that the Committee on Ways and Means should report legislation on or before December 31, 2008, to simplify the federal income tax system.