Joint resolution to mandate consideration of comprehensive legislation reforming, recodifying, and simplifying the Federal income, estate, and gift tax laws.

Directs the House Ways and Means Committee and the Senate Finance Committee to hold hearings on each tax preference contained in the Internal Revenue Code to ascertain: (1) if such preferences are or are not designed to further a socially desirable goal; (2) for those preferences designed to further socially desirable goals, whether or not the present law best implements such goals; (3) if such preferences are consistent with the overriding goal of equitably treating all taxpayers; and (4) if such preferences or consistent with the revenue requirements of the Federal Government.

Provides that, upon completion of the abovementioned hearings and review, the House Ways and Means Committee and the Senate Finance Committee will report to the floors of the House and Senate, respectively, comprehensive legislation to reform, recodify, and simplify the Federal income, estate, and gift tax laws.