Economic Freedom Act of 2010
Latest action · Apr 15, 2010 Referred to House Appropriations
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.
- IntroducedApr 15, 2010
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Economic Freedom Act of 2010 - Amends the Internal Revenue Code to: (1) eliminate the tax on the capital gains of individuals and corporations; (2) reduce the maximum corporate income tax rate to 12.5%; (3) allow a permanent and unlimited expensing allowance for depreciable business assets; and (4) reduce payroll tax rates for employers, employees, and self-employed individuals in 2010.
Makes permanent the repeal of the estate and generation-skipping transfer taxes.
Rescinds unobligated balances available in the American Recovery and Reinvestment Act of 2009. Repeals provisions of such Act relating to the Temporary Assistance to Needy Families program, economic recovery payments, premium assistance for COBRA (health insurance continuation benefits) payments, Medicare and Medicaid health information technology, state fiscal relief, broadband technology, and limits on executive compensation.
Amends the Emergency Economic Stabilization Act to repeal the authority for the Troubled Asset Relief Program (TARP).
Requires the Secretary of the Treasury to sell all stock and warrants acquired by the Secretary under TARP.
Cosponsors 49
Members who signed on, in the order they did. Signatures ran from Apr 15, 2010 to Sep 15, 2010, with 1 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-UT | Jason Chaffetz | Original | Apr 15, 2010 |
| R-FL | Thomas J. Rooney | Apr 21, 2010 | |
| R-TX | John Abney Culberson | Apr 26, 2010 | |
| R-OH | Robert E. Latta | Apr 26, 2010 | |
| R-FL | Bill Posey | May 4, 2010 | |
| R-CA | Brian P. Bilbray | May 4, 2010 | |
| R-CA | Darrell Issa | May 4, 2010 | |
| R-CO | Doug Lamborn | May 4, 2010 | |
| R-GA | Jack Kingston | May 4, 2010 | |
| R-TX | Jeb Hensarling | May 4, 2010 | |
| R-SC | Joe Wilson | May 4, 2010 | |
| R-AZ | John B. Shadegg | May 4, 2010 | |
| R-LA | John Fleming | May 4, 2010 | |
| R-PA | Joseph R. Pitts | May 4, 2010 | |
| R-TX | Kenny Marchant | May 4, 2010 |
Actions 5
Everything that happened, newest first.
- Apr 15, 2010Introduced in House
- Apr 15, 2010Referred to House Appropriations
- Apr 15, 2010Referred to House Financial Services
- Apr 15, 2010Referred to House Ways and Means
- Apr 15, 2010Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, and Appropriations, 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.
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Broadcasting, cable, digital technologies
- Business investment and capital
- Capital gains tax
- Computers and information technology
- Corporate finance and management
- Financial crises and stabilization
- Health care costs and insurance
- Health information and medical records
- Income tax deductions
- Income tax exclusion
- Income tax rates
- Medicaid
- Medicare
- Poverty and welfare assistance
- Securities
- State and local finance
- Taxation
- Transfer and inheritance taxes
- Wages and earnings
Text 1
Each version as it was printed, newest first.
- Apr 15, 2010Introduced in House
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.