To reform the Internal Revenue Code of 1986.

This bill amends the Internal Revenue Code to reduce tax rates and modify policies for individuals and businesses.

The bill includes provisions to:

• reduce the tax rates for individuals;
• reduce the tax rates for corporations and on other business income;
• allow increased expensing of the costs of certain business property;
• repeal the estate tax;
• modify the taxation of foreign income;
• specify that a change in the organizational structure of a corporation is not a taxable event if there is no change among the owners, their ownership interests, or the assets of the organization; and
• repeal the tax on net investment income.