The Taxpayer Choice Act (H.R. 3818/S. 2416) was a bill in the United States Congress which, if enacted, would have amended the Internal Revenue Code to eliminate the alternative minimum tax on individual taxpayers. The bill was reproposed in 2009. The bill was not voted upon in either session. The legislation would create an alternative, simplified tax that individuals may choose over the current personal income tax. The new system would have two tax rates (up to $100K at 10% and 25% for everything above), a large standard deduction with no special deductions, and is argued to greatly reduce the damage and complexity caused by the current income tax.[1] The bill would also make permanent the capital gains and dividends rate reductions enacted by the Jobs and Growth Tax Relief Reconciliation Act. In the House, the bill was introduced by Rep. Paul Ryan (R-WI), ranking member on the House Budget Committee, and had 83 cosponsors in 2007 and 22 fellow Republicans in 2009.[2] The bill was introduced in the Senate by Jim Demint. The plan has been supported by FreedomWorks, former House Majority LeaderDick Armey, and former 2008 presidential candidate Fred Thompson.[3][4]
taxpayer, choice, 3818, 2416, bill, united, states, congress, which, enacted, would, have, amended, internal, revenue, code, eliminate, alternative, minimum, individual, taxpayers, bill, reproposed, 2009, bill, voted, upon, either, session, legislation, would,. The Taxpayer Choice Act H R 3818 S 2416 was a bill in the United States Congress which if enacted would have amended the Internal Revenue Code to eliminate the alternative minimum tax on individual taxpayers The bill was reproposed in 2009 The bill was not voted upon in either session The legislation would create an alternative simplified tax that individuals may choose over the current personal income tax The new system would have two tax rates up to 100K at 10 and 25 for everything above a large standard deduction with no special deductions and is argued to greatly reduce the damage and complexity caused by the current income tax 1 The bill would also make permanent the capital gains and dividends rate reductions enacted by the Jobs and Growth Tax Relief Reconciliation Act In the House the bill was introduced by Rep Paul Ryan R WI ranking member on the House Budget Committee and had 83 cosponsors in 2007 and 22 fellow Republicans in 2009 2 The bill was introduced in the Senate by Jim Demint The plan has been supported by FreedomWorks former House Majority Leader Dick Armey and former 2008 presidential candidate Fred Thompson 3 4 See also EditAlternative Minimum Tax Income tax in the United States Taxation in the United States Tax reformNotes Edit The Simplified Tax A Bold Plan to End the AMT and Overhaul the Income Tax Cato Institute December 6 2007 Taxpayer Choice Act of 2007 Archived 2008 11 29 at the Wayback Machine and 1 Thompson Unveils Plan For Voluntary Flat Tax Wall Street Journal By Amy Schatz FreedomWorks Applauds Taxpayer Choice Act Archived 2007 11 18 at the Wayback Machine by Adam Brandon October 11 2007External links EditTaxpayer Choice Act of 2007 Text of House bill H R 1366 Taxpayer Choice Act of 2007 Text of Senate bill S 3818 This tax related article is a stub You can help Wikipedia by expanding it vte Retrieved from https en wikipedia org w index php title Taxpayer Choice Act amp oldid 1089309765, wikipedia, wiki, book, books, library,
