U.S. Congress - S.812 Flat Tax Act of 2005
S.812 - Flat Tax Act of 2005
A bill to amend the Internal Revenue Code of 1986 to impose a flat tax only on individual taxable earned income and business taxable income, and for other purposes. view all titles (2)
All Bill Titles
- Short: Flat Tax Act of 2005 as introduced.
- Official: A bill to amend the Internal Revenue Code of 1986 to impose a flat tax only on individual taxable earned income and business taxable income, and for other purposes. as introduced.
This Bill currently has no wiki content. If you would like to create a wiki entry for this bill, please Login, and then select the wiki tab to create it.
Bill's Views
- Today: 3
- Past Seven Days: 7
- All-Time: 786
|
|
|
|
|
|
|
|
Committees
Official Summary
4/15/2005--Introduced.Flat Tax Act of 2005 - Replaces the income tax with a flat tax of 20 percent of taxable earned income of individual taxpayers. Defines "taxable earned income" as the excess of earned income (wages, salaries, professional fees) over a standard deductiOfficial Summary
4/15/2005--Introduced.
Flat Tax Act of 2005 - Replaces the income tax with a flat tax of 20 percent of taxable earned income of individual taxpayers. Defines "taxable earned income" as the excess of earned income (wages, salaries, professional fees) over a standard deduction, a deduction for cash charitable contributions, and a deduction for home mortgage interest. Sets forth definitions and special rules for surviving spouses, heads of household, and dependents.
Imposes a flat tax of 20 percent on business taxable income. Defines "business taxable income" as gross active income (other than investment income) reduced by:
(1) the cost of business inputs (cost of specified goods, services, travel, and entertainment expenditures);
(2) employee compensation; and
(3) the cost of personal and real property used in business activities. Disallows a deduction from gross active business income for purchases of goods and services provided to employees or owners and certain lobbying and political expenditures.
Repeals:
(1) estate, gift, and generation-skipping transfer taxes;
(2) financing of presidential election campaigns provisions; and
(3) coal industry health benefits provisions.
...Read the Rest
Recent News Coverage
Hmmmm, no news coverage found for this bill at this time. This means that this this bill has not yet been mentioned on a publicly-searchable news website by either its official number (for example, "H.R. 3200") or title (for example, "America's Affordable Health Choices Act of 2009"). As soon as that changes, our daily automated search across the Web will catch it and include it here. If this bill is of interest to you, you can write a letter to the editor referring to this bill by name, and if your letter is published on the Web, a link back your letter will appear here within about one day. Or, if you know of a news article about this bill to display here, email us the web address of this page and the web address of your suggested news article: Our editorial team will post relevant links as quickly as possible. Thanks for helping to build public knowledge about Congress.
Recent Blog Coverage
S.812: Lead Act - U.S. Congress - OpenCongress
Official government data, breaking news and blog coverage, public comments and user community for S.812 A bill to build capacity and provide support at the leadership level for successful school turnaround efforts. ...
H.Res.1524: Expressing support for designation of ... - OpenCongress
A bill in the U.S. Congress: To build capacity and provide support at the leadership level for successful school turnaround efforts. - ... Source: opencongress.org ... S.812: Lead Act - U.S. Congress - OpenCongress. Official government data, breaking news
Higher education - U.S. Congress - OpenCongress
Making appropriations for the Department of Defense and the other departments and agencies of the Government for the fiscal year ending Septem... Bill Is Law Apr 15, 2011 1503 Views ยท S.812 - Lead Act. A bill to build capacity and provide support at
Vote on This Bill
-
Share This Bill
More Share via Email
