US Congress House Bill 5029 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 50-0)
Status: Introduced on April 15 2010 - 25% progression, died in committee
Action: 2010-04-15 - Referred to House Appropriations
Pending: House Appropriations Committee
Text: Latest bill text (Introduced) [PDF]

Economic Freedom Act of 2010 - Amends the Internal Revenue Code to: (1) eliminate the tax on the capital gains of individuals and corporations; (2) reduce the maximum corporate income tax rate to 12.5%; (3) allow a permanent and unlimited expensing allowance for depreciable business assets; and (4) reduce payroll tax rates for employers, employees, and self-employed individuals in 2010. Makes permanent the repeal of the estate and generation-skipping transfer taxes. Rescinds unobligated balances available in the American Recovery and Reinvestment Act of 2009. Repeals provisions of such Act relating to the Temporary Assistance to Needy Families program, economic recovery payments, premium assistance for COBRA (health insurance continuation benefits) payments, Medicare and Medicaid health information technology, state fiscal relief, broadband technology, and limits on executive compensation. Amends the Emergency Economic Stabilization Act to repeal the authority for the Troubled Asset Relief Program (TARP). Requires the Secretary of the Treasury to sell all stock and warrants acquired by the Secretary under TARP.

Economic Freedom Act of 2010

Rep. Todd Akin [R-MO]	Rep. Michele Bachmann [R-MN]	Rep. Gresham Barrett [R-SC]	Rep. Brian Bilbray [R-CA]
Rep. Rob Bishop [R-UT]	Sen. Marsha Blackburn [R-TN]	Rep. Mary Bono Mack [R-CA]	Rep. Paul Broun [R-GA]
Rep. Dan Burton [R-IN]	Rep. Ken Calvert [R-CA]	Rep. John Carter [R-TX]	Rep. Jason Chaffetz [R-UT]
Rep. Mike Coffman [R-CO]	Rep. John Culberson [R-TX]	Sen. Jeff Flake [R-AZ]	Rep. John Fleming [R-LA]
Rep. Randy Forbes [R-VA]	Rep. Trent Franks [R-AZ]	Rep. Scott Garrett [R-NJ]	Rep. Phil Gingrey [R-GA]
Rep. Jeb Hensarling [R-TX]	Rep. Wally Herger [R-CA]	Rep. Darrell Issa [R-CA]	Rep. Jim Jordan [R-OH]
Rep. Jack Kingston [R-GA]	Rep. Doug Lamborn [R-CO]	Rep. Robert Latta [R-OH]	Rep. Kenny Marchant [R-TX]
Rep. Tom McClintock [R-CA]	Rep. Patrick McHenry [R-NC]	Rep. Cathy McMorris Rodgers [R-WA]	Rep. Gary Miller [R-CA]
Sen. Jerry Moran [R-KS]	Rep. Sue Myrick [R-NC]	Rep. Pete Olson [R-TX]	Rep. Mike Pence [R-IN]
Rep. Joseph Pitts [R-PA]	Rep. Todd Platts [R-PA]	Rep. Bill Posey [R-FL]	Rep. Tom Price [R-GA]
Rep. Denny Rehberg [R-MT]	Rep. Thomas Rooney [R-FL]	Rep. Steve Scalise [R-LA]	Rep. Pete Sessions [R-TX]
Rep. John Shadegg [R-AZ]	Rep. Lamar Smith [R-TX]	Rep. John Sullivan [R-OK]	Rep. Todd Tiahrt [R-KS]
Rep. Zach Wamp [R-TN]	Rep. Joe Wilson [R-SC]

Date	Chamber	Action
2010-04-15		Referred to House Appropriations
2010-04-15		Referred to House Financial Services
2010-04-15		Referred to House Ways and Means
2010-04-15		Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, and Appropriations, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Type	Source
Summary	https://www.congress.gov/bill/111th-congress/house-bill/5029/all-info
Text	https://www.congress.gov/111/bills/hr5029/BILLS-111hr5029ih.pdf