S.747: A bill to terminate the Internal Revenue Code of 1986, and for other purposes.

A bill to terminate the Internal Revenue Code of 1986, and for other purposes. 3/2/2007--Introduced. Tax Code Termination Act - Terminates the Internal Revenue Code of 1986 for taxable years beginning after 2010, except provisions of such Code relating to social security taxation (i.e., taxes on wage, self-employment, and railroad retirement income).Establishes within the legislative branch a National Commission on Tax Reform and Simplification. Directs the Commission to: (1) review the Internal Revenue Code of 1986 and its impact on the economy, families, and the workforce: (2) determine whether the current income tax system can be replaced by more a more efficient and fair system of taxation; and (3) submit a report to Congress on the results of its review with recommendations for fundamental reform and simplification of the Code.Requires congressional approval of a new federal tax system no later than July 4, 2010, or a vote of Congress to reauthorize the [...]

show full description