S 1040 IS

106th CONGRESS

1st Session

S. 1040

To promote freedom, fairness, and economic opportunity for families by reducing the power and reach of the Federal establishment.

IN THE SENATE OF THE UNITED STATES

May 13, 1999

Mr. SHELBY (for himself and Mr. CRAIG) introduced the following bill; which was read twice and referred to the Committee on Finance


A BILL

To promote freedom, fairness, and economic opportunity for families by reducing the power and reach of the Federal establishment.

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

TITLE I--TAX REDUCTION AND SIMPLIFICATION; SUPERMAJORITY REQUIRED FOR TAX CHANGES

Subtitle A--Tax Reduction and Simplification

Subtitle B--Supermajority Required for Tax Changes

TITLE II--SPENDING RESTRAINT AND BUDGET PROCESS REFORM

Subtitle A--Balanced Budget by Fiscal Year 2002

Subtitle B--Zero Based Budgeting and Decennial Sunsetting

TITLE I--TAX REDUCTION AND SIMPLIFICATION; SUPERMAJORITY REQUIRED FOR TAX CHANGES

Subtitle A--Tax Reduction and Simplification

Sec. 101. INDIVIDUAL INCOME TAX.

`SECTION 1. TAX IMPOSED.

`SEC. 63. TAXABLE INCOME.

SEC. 102. TAX ON BUSINESS ACTIVITIES.

`SEC. 11. TAX IMPOSED ON BUSINESS ACTIVITIES.

section for such year, then (in lieu of treating such excess as an overpayment) the sum of--

`SEC. 4977. TAX ON NONCASH COMPENSATION PROVIDED TO EMPLOYEES NOT ENGAGED IN BUSINESS ACTIVITY.

SEC. 103. SIMPLIFICATION OF RULES RELATING TO QUALIFIED RETIREMENT PLANS.

`SEC. 420. TRANSFERS OF EXCESS PENSION ASSETS.

`SEC. 104. REPEAL OF ALTERNATIVE MINIMUM TAX.

SEC. 105. REPEAL OF CREDITS.

SEC. 106. REPEAL OF ESTATE AND GIFT TAXES AND OBSOLETE INCOME TAX PROVISIONS.

SEC. 107. EFFECTIVE DATE.

Subtitle B--Supermajority Required for Tax Changes

SEC. 111. SUPERMAJORITY REQUIRED.

TITLE II--SPENDING RESTRAINT AND BUDGET PROCESS REFORM

Subtitle A--Balanced Budget by Fiscal Year 2002

SEC. 201. MAXIMUM SPENDING AMOUNTS.

SEC. 202. ENFORCING MAXIMUM SPENDING SEQUESTRATION.

`SEC. 253. ENFORCING MAXIMUM SPENDING LIMITS.'.

shall be a preliminary sequester on July 1 to eliminate the excess.

SEC. 203. TOTAL SPENDING POINT OF ORDER.

Subtitle B--Zero Based Budgeting and Decennial Sunsetting

SEC. 211. REAUTHORIZATION OF DISCRETIONARY PROGRAMS AND UNEARNED ENTITLEMENTS.

SEC. 212. POINT OF ORDER.

SEC. 213. DECENNIAL SUNSETTING.

END