legislation: 98-s-2158
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| 98-s-2158 | 98 | s | 2158 | Simpliform Tax Act | Taxation | 1983-11-18 | 1983-12-01 | Committee on Finance requested executive comment from OMB, Treasury Department. | Senate | Sen. Hatfield, Mark O. [R-OR] | OR | R | H000343 | 0 | Simpliform Tax Act - Amends the Internal Revenue Code to revise the income tax rates into a single rate schedule for all individual taxpayers. Provides for cost-of-living adjustments to such tax rates. Provides that State community property laws shall not apply to the income of married individuals for income tax purposes. Defines "taxable income" for purposes of this Act. Allows an individual income tax credit of $250 (adjusted for inflation) for a taxpayer and dependents in lieu of the personal tax exemption. Repeals specified income tax credits, deductions and exclusions. Restricts certain income tax credits and deductions to corporate taxpayers. Increases the amount of social security and tier one railroad retirement benefits includible in gross income. Includes in gross income the following items of income: (1) prizes and awards; (2) welfare payments; (3) a certain percentage of railroad retirement benefits (other than tier one benefits); (4) unemployment compensation; (5) the increase in the cash surrender value of life insurance policies; and (6) the cost of group-term life insurance purchased for employees. Limits the income tax exclusion for veterans' benefits. Disallows an income tax deduction for entertainment, amusement, or recreation expenses. Allows an income tax credit for the following items of expense: (1) medical expenses; (2) interest paid with respect to a principal residence; (3) charitable contributions made by individual taxpayers; and (4) local taxes. Specifies dollar and percentage limitations for such credits. Provides for cost-of-living adjustments to the basis of property for purposes of determining gain or loss on such property. Revises withholding of income tax requirements. Defines "section 11 corporation" to exclude S corporations and personal holding corporations. Repeals the requirement that married couples file a joint tax return. Sets forth rules for the allocation of items of income and expense between spouses. Directs the Secretary of the Treasury to conduct a study of the corporate income tax and to submit such study to the Congress. | 2025-08-29T17:41:45Z | https://www.congress.gov/bill/98th-congress/senate-bill/2158 |