Simplified USA Tax Act of 2007

Bill: 110-hr-4159
Sponsor: Rep. English, Phil [R-PA-3]
Introduced: 2007-11-13 in the House
Policy area: Taxation
Subjects: Accounting
Administrative procedure
Agriculture and Food
Aliens
Alimony
Americans in foreign countries
Annuities
Armed Forces and National Security
Athletics
Bank accounts
Bonds
Business travel
Capital gains tax
Cemeteries and funerals
Charitable contributions
Child support
College costs
College sports
Colleges
Commemorations
Commerce
Conservation of natural resources
Contracts
Cooperative societies
Corporate governance
Corporate mergers
Corporation taxes
Cost of living adjustments
Crime and Law Enforcement
Damages
Debt
Department of the Treasury
Depreciation and amortization
Disability insurance
Disabled
Dividends
Divorce
Economics and Public Finance
Education
Education savings accounts
Employee ownership
Employee training
Environmental Protection
Estate tax
Expatriation
Families
Finance and Financial Sector
Financial services
Foreign Trade and International Finance
Foreign corporations
Foster home care
Foundations
Fringe benefits
Gift tax
Gifts
Government Operations and Politics
Government corporations
Habitat conservation
Health
Health insurance
Higher education
Historic sites
History
Home ownership
Housing and Community Development
Housing finance
Immigration
Imports
Income tax
Indexing (Economic policy)
Individual retirement accounts
Insurance companies
Insurance premiums
Interest
Intergovernmental tax relations
International Affairs
Labor and Employment
Land use
Law
Leases
Life insurance
Loan defaults
Lobbying
Losses
Marketing
Married people
Medical economics
Medical research
Medical savings accounts
Medicare
Military pay
Military pensions
Mortgages
Officer personnel
Old age, survivors and disability insurance
Open space lands
Outdoor recreation
Partnerships
Profit
Public Lands and Natural Resources
Railroad retirement plans
Real estate business
Real estate development
Recreation areas
Rent
Salaries
School personnel
Science, Technology, Communications
Single people
Social Welfare
Social security taxes
Sports and Recreation
Sports facilities
Stocks
Tax administration
Tax credits
Tax deductions
Tax deferral
Tax evasion
Tax exclusion
Tax exemption
Tax penalties
Tax rates
Tax refunds
Tax returns
Tax simplification
Tax treaties
Tax-deferred compensation plans
Tax-exempt organizations
Taxation of foreign income
Teachers
Telecommunication industry
Telephone
Territories (U.S.)
Terrorism
Torts
Transportation and Public Works
Travel costs
Trusts and trustees
Unemployment
Unrelated business income tax
Vocational and technical education
Wages
Withholding tax
Workers' compensation

Summary:
action_date: 2007-11-13
text: 
Simplified USA Tax Act of 2007 - Repeals, after 2006, income tax and estate and gift tax provisions of the Internal Revenue Code of 1986. Replaces such Code with a new tax system, to be known as the Simplified USA Tax. 

Establishes three income tax brackets at 15, 25, and 30% for individual taxpayers. Redefines &quot;gross income&quot; and allows certain exclusions from gross income, including previously-taxed benefits, tax-exempt bond interest, compensation for injuries and sickness, and gain from the sale of a principal residence. Allows tax deductions for alimony and child support, home mortgage interest, certain higher education expenses, and charitable contributions. Allows a tax credit for employee social security payroll taxes.

Revises rules for Roth individual retirement accounts (Roth IRAs) to allow taxpayers to make contributions up to the amount of their adjusted gross income. Allows tax-free withdrawals from Roth IRA for any purpose after five years. Establishes new rules for deductible IRAs, annuities, and endowment and life insurance contracts. 

Revises tax rules for business entities to: (1) establish an 8% tax rate for the first $150,000 of gross profit (12% for profit in excess of $150,000); (2) allow a tax credit for social security payroll taxes; (3) exempt from taxation all export sales income and other foreign-source income; and (4) establish new tax rules for tax-exempt organizations and certain financial institutions. 


Legislative actions:
action_date: 2007-11-13
text: Referred to the House Committee on Ways and Means.
action_date: 2007-11-13
text: Introduced in House
action_date: 2007-11-13
text: Introduced in House