HR 5029 111th Congress House Taxation Broadcasting, cable, digital technologies Business investment and capital Capital gains tax Computers and information technology Corporate finance and management Financial crises and stabilization Health care costs and insurance Health information and medical records Income tax deductions Income tax exclusion Income tax rates Medicaid Medicare Poverty and welfare assistance Securities State and local finance Transfer and inheritance taxes Wages and earnings

Economic Freedom Act of 2010

Introduced: April 15, 2010 Introduced by: Jordan, Jim Republican · Ohio See on congress.gov

Everywhere this bill has been 5 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Apr 15, 2010

Referred to House Appropriations

Apr 15, 2010

Referred to House Financial Services

Apr 15, 2010

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.

Apr 15, 2010

Referred to House Ways and Means

Apr 15, 2010

Introduced in House

Plain-English summary Congressional Research Service

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.

What's happening now April 15, 2010

Referred to House Appropriations

Committees of jurisdiction 3