To adopt the seven immediate reforms recommended by the National Commission on Fiscal Responsibility and Reform to reduce spending and make the Federal Government more efficient.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) In General.--This Act may be cited as the ``Bowles-Simpson Plan of Lowering America's Debt Act''. (b) Table of Contents.--The table of contents for this Act is as follows:
Sec. 1. Short title; table of contents. TITLE I--REDUCED EXPENDITURES
Sec. 101. Reduction in appropriations to the White House and Congress. Sec. 102. Denial of certain annual pay adjustments for Members of Congress. Sec. 103. Pay freeze for Federal employees. Sec. 104. Reduction in Federal workforce. Sec. 105. Reduction in Government travel costs. Sec. 106. Limitation on Government printing costs. Sec. 107. Reduction in Federal vehicle costs. Sec. 108. Sale of excess Federal property. Sec. 109. Prohibition on earmarks. TITLE II--TAX REFORM
Sec. 200. Amendment of 1986 Code. Subtitle A--Tax Rates
Sec. 201. Individual rates. Sec. 202. Repeal of alternative minimum tax on individuals. Sec. 203. Permanent repeal of personal exemption phaseout. Sec. 204. Permanent repeal of phaseout of overall limitation on itemized deductions. Sec. 205. Corporate income tax rate reduced to flat rate of 20 percent. Sec. 206. Renewed temporary dividends received deduction. Subtitle B--Elimination of Tax Expenditures
Sec. 211. Termination of credit for increasing research activities. Sec. 212. Termination of deduction for intangible drilling and development costs. Sec. 213. Repeal...