Sen. Sam Brownback (R.-Kan.) and a few other conservative senators reportedly have a bill to repeal the Internal Revenue Code on December 31, 2007. In its place, the legislation would require a new code that:
"Our tax code is in desperate need of overhaul and this legislation is a catalyst to ignite the fire in Congress," said bill co-sponsor Sen. Larry Craig (R.-Idaho). "Without a clear and present deadline, Congress will continue to lollygag along with piecemeal fixes."
According to Craig's office "the legislation outlines broad principles for a future tax code, but leaves the specifics to future discussion."
