U.S. Congress - H.R.1040 Freedom Flat Tax Act
H.R.1040 - Freedom Flat Tax Act
To amend the Internal Revenue Code of 1986 to provide taxpayers a flat tax alternative to the current income tax system. view all titles (2)
All Bill Titles
- Short: Freedom Flat Tax Act as introduced.
- Official: To amend the Internal Revenue Code of 1986 to provide taxpayers a flat tax alternative to the current income tax system. as introduced.
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Official Summary
3/2/2005--Introduced.Freedom Flat Tax Act - Amends the Internal Revenue Code to authorize an individual or a person engaged in business activity to make an irrevocable election to be subject to a flat tax (in lieu of the existing tax provisions) of 19 percent for the first two years afterOfficial Summary
3/2/2005--Introduced.
Freedom Flat Tax Act - Amends the Internal Revenue Code to authorize an individual or a person engaged in business activity to make an irrevocable election to be subject to a flat tax (in lieu of the existing tax provisions) of 19 percent for the first two years after an election is made, and 17 percent thereafter. Calculates taxable income for individual taxpayers by subtracting a basic standard deduction and an additional standard deduction for each dependent from the total of wages, retirement distributions, and unemployment compensation. Defines "business taxable income" to mean gross active income reduced by the cost of certain business inputs. Imposes an employer tax on the value of excludable compensation provided to employees not engaged in business activity of 19 percent for the first two years after an election is made under this Act and 17 percent thereafter. Repeals the estate, gift, and generation-skipping transfer taxes. Requires a two-thirds vote of the House of Representatives or the Senate to increase the flat tax rate proposed by this Act or to reduce the amount of the standard deduction or business-related deductions allowed by this Act.
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Recent Blog Coverage
H.R.1040: Freedom Flat Tax Act - U.S. Congress - OpenCongress
House Republicans last week introduced the first flat tax legislation of the 112th Congress, the Freedom Flat Tax Act. The bill, memorably numbered HR 1040, would give individuals and companies the choice to ... Source: The Hill (blog) ... S.644 Public-Pri
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