Tax Code Termination Act

Tax Code Termination Act - Mandates the termination of the Internal Revenue Code after December 31, 2010, except for self-employment taxes, Federal Insurance Contributions Act taxes, and Railroad Retirement taxes.

Declares that any new federal tax system should be a simple and fair system that: (1) provides tax relief for working Americans; (2) protects the rights of taxpayers and reduces tax collection abuses; (3) eliminates the bias against savings and investment; (4) promotes economic growth and job creation; and (5) does not penalize marriage or families.

Requires that the new federal tax system be approved by Congress in its final form by July 4, 2010.