H.R. 5029 · 111th Congress
Economic Freedom Act of 2010
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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JordanSponsor49 cosponsors · 49 R
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Chaffetz
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Rooney
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Culberson
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Latta
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Akin
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Bilbray
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Bachmann
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Franks
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Fleming
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Gingrey
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Herger
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Hensarling
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Issa
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Kingston
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Lamborn
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Marchant
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McClintock
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Pitts
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Price
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Posey
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Shadegg
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Smith
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Tiahrt
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Wilson
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Burton
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Broun
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Calvert
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Carter
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Forbes
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Myrick
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McMorris Rodgers
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Blackburn
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Pence
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Coffman
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Garrett
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Moran
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McHenry
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Platts
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Flake
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Wamp
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Olson
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Bono Mack
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Rehberg
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Scalise
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Gresham Barrett
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Miller
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Bishop
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Sullivan
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Sessions1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Economic Freedom Act of 2010 - Amends the Internal Revenue Code to: (1) eliminate the tax on the capital gains of individuals and corporations; (2) reduce the maximum corporate income tax rate to 12.5%; (3) allow a permanent and unlimited expensing allowance for depreciable business assets; and (4) reduce payroll tax rates for employers, employees, and…
What it does: CRS summary · Introduced in House · Apr 15, 2010
Economic Freedom Act of 2010 - Amends the Internal Revenue Code to: (1) eliminate the tax on the capital gains of individuals and corporations; (2) reduce the maximum corporate income tax rate to 12.5%; (3) allow a permanent and unlimited expensing allowance for depreciable business assets; and (4) reduce payroll tax rates for employers, employees, and self-employed individuals in 2010.
Makes permanent the repeal of the estate and generation-skipping transfer taxes.
Rescinds unobligated balances available in the American Recovery and Reinvestment Act of 2009. Repeals provisions of such Act relating to the Temporary Assistance to Needy Families program, economic recovery payments, premium assistance for COBRA (health insurance continuation benefits) payments, Medicare and Medicaid health information technology, state fiscal relief, broadband technology, and limits on executive compensation.
Amends the Emergency Economic Stabilization Act to repeal the authority for the Troubled Asset Relief Program (TARP).
Requires the Secretary of the Treasury to sell all stock and warrants acquired by the Secretary under TARP.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Economic Freedom Act of 2010
Latest action (Apr 15, 2010): Referred to House Appropriations
Policy area: Taxation · Origin: House · Introduced: Apr 15, 2010
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.