Sponsored by Representatives Steve Largent (ROklahoma) and Bill Paxon (RNew York), the Tax CodeTermination Act will scrap the entire federal income tax code (except for Medicare and Social Security) on Dec. 31, 2002.
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Starting January 1, 2018, the Termination Act would do away with essentially all of the current Code, including, but not limited to, all of the laws currently governing individual, corporate, partnership and estate taxation.