Tax Code Termination Act

Tax Code Termination Act Declares that no tax (except the tax on self-employment income and the taxes relating to the Federal Insurance Contributions Act and the Railroad Retirement Tax Act) shall be imposed by the Internal Revenue Code for any taxable year beginning after, or on any taxable event or for any period after, December 31, 2003.

Declares that any new Federal tax system should be: (1) simple and fair; (2) apply a low rate to all Americans; (3) provide tax relief for working Americans; (4) protect the rights of taxpayers and reduce tax collection abuses; (5) eliminate the bias against savings and investment; (6) promote economic growth and job creation; (7) not penalize marriage or families; and (8) receive congressional approval in its final form by July 4, 2003.