To terminate the Internal Revenue Code of 1986.

Prohibits the imposition of any tax by the Internal Revenue Code: (1) for any taxable year beginning after December 31, 2001; and (2) in the case of any tax not imposed on the basis of a taxable year, on any taxable event or for any period after December 31, 2001.

Declares that any new Federal tax system should be a simple and fair system.