S. 2518 · 110th Congress
Freedom to Choose Tax Reform Act of 2007
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
BrownbackSponsorNo cosponsors.
Freedom to Choose Tax Reform Act of 2007 - Amends the Internal Revenue Code to allow individual taxpayers an election to choose an alternative income tax system, in lieu of the current tax system. Provides for two tax brackets of 10 and 23%.
What it does: CRS summary · Introduced in Senate · Dec 18, 2007
Freedom to Choose Tax Reform Act of 2007 - Amends the Internal Revenue Code to allow individual taxpayers an election to choose an alternative income tax system, in lieu of the current tax system. Provides for two tax brackets of 10 and 23%. Eliminates all existing tax credits, but allows a $1,000 freedom to choose tax reform individual tax credit and a credit for overpayment of tax.
Establishes the Commission on Congressional Budgetary Accountability and Review of Federal Agencies. Directs the President to: (1) designate two Commission co-chairpersons; (2) establish a systematic method for assessing the effectiveness and accountability of federal agency programs; (3) divide such programs into four equal budgetary parts; (4) submit to the Commission annual assessments of the programs within each part (one each year) that use such method; and (5) identify common performance measures for programs having similar functions and provide the Commission with data on such measures.
Requires the Commission to: (1) evaluate executive agencies and their programs identified in each assessment; (2) consider submitted assessments in evaluating programs; and (3) submit to Congress each of the next four years a plan recommending agencies and programs that should be realigned or eliminated and proposing implementing legislation. Provides for expedited consideration of such legislation.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Freedom to Choose Tax Reform Act of 2007
Latest action (Dec 18, 2007): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Dec 18, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.