S. 2547 would amend the Internal Revenue Code of 1986 to reduce taxes by providing an alternative determination of income tax liability for individuals, repealing the estate and gift taxes, reducing corporate income tax rates, reducing the maximum tax for individuals on capital gains and dividends to 10 percent, indexing the basis of assets for purposes of determining capital gain or loss, creating tax-free accounts for retirement savings, lifetime savings, and life skills, repealing the adjusted gross income threshold in the medical care deduction for individuals under age 65 who have no employer health coverage.

== Detailed Summary ==

<summary>
(Log inFair and Simple Tax Act of 2008 - Amends the Internal Revenue Code to: (1) establish an alternative income tax rate system with three tax brackets (10, 15, and 30%); (2) repeal the estate and gift tax; (3) adjust the increased alternative minimum tax (AMT) exemption amounts for inflation after 2007 and make such exemptions permanent; (4) reduce the maximum corporate income tax rate to edit25%; (5) reduce the wikimaximum tax rate on capital gains to 10%; (6) allow an inflation adjustment to the basis of capital assets for purposes of determining gain or loss; (7) establish new tax-exempt accounts for retirement savings, lifetime savings, and belifetime skills accounts; (8) exempt individuals under age 65 who do not have employer health care coverage from the firstadjusted gross income threshold for the medical care tax deduction; and (9) make permanent the tax credit for increasing research activities.

Repeals the terminating dates applicable to provide a detailed summaryprovisions of the bill!)Economic Growth and Tax Relief Reconciliation Act of 2001 and the Jobs and Growth Tax Relief Reconciliation Act of 2003.
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== Status of the Legislation ==

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(Log inLatest Major Action: 1/23/2008: Referred to edit the wikiSenate committee. Status: Read twice and be the firstreferred to update the status of the bill!)Committee on Finance.
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== Points in Favor ==

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== Points Against ==

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