Simplified USA Tax Act of 2003

[AI summary unavailable — showing source text] Simplified USA Tax Act of 2003 - Renames the Internal Revenue Code (IRC) the "USA Tax Code." Establishes a new chapter 1, "Simplified USA Tax for Individuals." Establishes tax rates at 15, 25, and 30 percent. Sets forth provisions defining gross income, exclusions from gross income, alimony and child support deductions, personal and dependency deductions, the family living allowance, the homeowner deduction, the education deduction (equal, as a general rule, to the sum of all qualified education expenses), the philanthropic transfer deduction, the kiddie tax (concerning taxable income of children), and tax credits (including allowing a payroll tax credit). Sets forth provisions concerning a Roth IRA, a deductible IRA, annuities, endowment contracts, and life insurance contracts. Permits contributions to a Roth IRA of up to the amount of an individual's adjusted gross income. Provides, as a general rule, for the exclusion from gross income of Roth IRA distributions. Sets forth provisions concerning basis, business transactions, and nonrecognition transactions. Establishes rules for exclusion from gross income, rules relating to deductions, and rules for the rental of real estate. Re…