1、Congressional Research Service The Library of CongressCRS Report for CongressReceived through the CRS Web98-548 EUpdated August 12, 1998Tax Code Termination Act: A Fact SheetJames M. BickleySpecialist in Public FinanceEconomics DivisionSummaryThe Tax Code Termination Act, introduced by Senator Hutch
2、inson (S. 1673) andCongressman Largent (H.R. 3097), was passed by the House in June. This act would“sunset” (repeal) the Internal Revenue Code of 1986 on December 31, 2002 and wouldrequire that any new federal tax system that is adopted be approved not later than July4, 2002. The measure failed in t
3、he Senate as an amendment to an appropriations bill bya 49 to 49 vote. Contents of the ActThe proposed legislation would terminate the tax code except for Social Securitytaxes and Railroad Retirement taxes on December 31, 2002. (The initial version of theproposal set December 31, 2001, as the termin
4、ation date.) The bill does not itself providea new tax system, but states that “any new federal tax system should be simple and fair”with the following features:!a low rate for all Americans,!tax relief for working Americans,!protection of the rights of taxpayers and the reduction in tax collection
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