HR 99

112th CONGRESS
1st Session

H. R. 99

To amend the Internal Revenue Code of 1986 to reduce taxes by providing an alternative determination of income tax liability for individuals, repealing the estate and gift taxes, reducing corporate income tax rates, reducing the maximum tax for individuals on capital gains and dividends to 10 percent, indexing the basis of assets for purposes of determining capital gain or loss, creating tax-free accounts for retirement savings, lifetime savings, and life skills, repealing the adjusted gross income threshold in the medical care deduction for individuals under age 65 who have no employer health coverage, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

January 5, 2011

Mr. DREIER introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

To amend the Internal Revenue Code of 1986 to reduce taxes by providing an alternative determination of income tax liability for individuals, repealing the estate and gift taxes, reducing corporate income tax rates, reducing the maximum tax for individuals on capital gains and dividends to 10 percent, indexing the basis of assets for purposes of determining capital gain or loss, creating tax-free accounts for retirement savings, lifetime savings, and life skills, repealing the adjusted gross income threshold in the medical care deduction for individuals under age 65 who have no employer health coverage, and for other purposes.

SECTION 1. SHORT TITLE, ETC.

SEC. 2. SIMPLIFIED ALTERNATIVE DETERMINATION OF INCOME TAX LIABILITY FOR INDIVIDUALS.

`PART VIII--ALTERNATIVE DETERMINATION OF TAX LIABILITY FOR INDIVIDUALS

`SEC. 59B. ALTERNATIVE DETERMINATION OF TAX LIABILITY FOR INDIVIDUALS.

`Part VIII. Alternative Determination of Tax Liability for Individuals.'.

SEC. 3. REPEAL OF ESTATE AND GIFT TAXES.

SEC. 4. ALTERNATIVE MINIMUM TAX EXEMPTION AMOUNTS INDEXED FOR INFLATION.

SEC. 5. MAXIMUM CORPORATE INCOME TAX RATE REDUCED TO 25 PERCENT.

SEC. 6. 15 PERCENT RATE ON DIVIDENDS AND CAPITAL GAINS OF INDIVIDUALS REDUCED TO 10 PERCENT.

SEC. 7. INDEXING OF CERTAIN ASSETS FOR PURPOSES OF DETERMINING GAIN OR LOSS.

`SEC. 1023. INDEXING OF CERTAIN ASSETS FOR PURPOSES OF DETERMINING GAIN OR LOSS.

SEC. 8. RETIREMENT SAVINGS ACCOUNTS.

`SEC. 408B. RETIREMENT SAVINGS ACCOUNTS.

SEC. 9. LIFETIME SAVINGS ACCOUNTS.

`PART IX--LIFETIME SAVINGS ACCOUNTS.

`SEC. 530B. LIFETIME SAVINGS ACCOUNTS.

SEC. 10. LIFETIME SKILLS ACCOUNTS.

`SEC. 530A. LIFETIME SKILLS ACCOUNTS.

SEC. 11. EXPANDED DEDUCTION FOR MEDICAL CARE EXPENSES; EXPANSION OF INDIVIDUALS TO WHOM HEALTH SAVINGS ACCOUNTS MAY BE PASSED ON DEATH.

SEC. 12. RESEARCH CREDIT MADE PERMANENT.

SEC. 13. TAX PROVISIONS OF PRIOR LAWS MADE PERMANENT.

END