Taxpayer Choice Act

Taxpayer Choice Act

The "Taxpayer Choice Act" (USBill|110|HR|3818/USBill|110|S|2416) is a bill in the United States Congress which, if enacted, would amend the Internal Revenue Code to eliminate the alternative minimum tax on individual taxpayers. 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 (10% and 25%), a large standard deduction with no special deductions, [ [http://www.reasontofreedom.com/cosponsors_quot_taxpayer_choice_act_quot_us_rep_ron_paul.html Cosponsors "Taxpayer Choice Act", by US Rep. Ron Paul] Reason to Freedom, October 16, 2007] and is argued to greatly reduce the damage and complexity caused by the current income tax. [ [http://www.cato.org/event.php?eventid=4253 The Simplified Tax: A Bold Plan to End the AMT and Overhaul the Income Tax] , Cato Institute, December 6, 2007] 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 has 83 cosponsors. [ [http://thomas.loc.gov/cgi-bin/bdquery/z?d110:HR03818: Taxpayer Choice Act of 2007] , Thomas] 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. [ [http://online.wsj.com/article/SB119603890284403477.html?mod=hpp_us_whats_news Thompson Unveils Plan For Voluntary Flat Tax] , Wall Street Journal, By Amy Schatz] [ [http://www.freedomworks.org/newsroom/press_template.php?press_id=2325 FreedomWorks Applauds Taxpayer Choice Act] , by Adam Brandon, October 11, 2007]

ee also

*Alternative Minimum Tax
*Income tax in the United States
*Taxation in the United States
*Tax reform

Notes

External links

* [http://thomas.loc.gov/cgi-bin/bdquery/z?d110:HR01366:: "Taxpayer Choice Act of 2007"] - Text of House bill H.R.1366
* [http://thomas.loc.gov/cgi-bin/query/z?c110:H.R.3818:: "Taxpayer Choice Act of 2007"] - Text of Senate bill S.3818


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