U.S. Congress - S.1081 Flat Tax Act of 2007
S.1081 - Flat Tax Act of 2007
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
- 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.
- Short: Flat Tax Act of 2007 as introduced.
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Official Summary
4/10/2007--Introduced.Flat Tax Act of 2007 - 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 deOfficial Summary
4/10/2007--Introduced.Flat Tax Act of 2007 - 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.
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Recent Blog Coverage
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Deutschland Archiv: Zeitschrift für das vereinigte Deutschland - H ...
Internationales Symposium der Stiftung Ettersberg in Weimar S. 1081-1083. Henry Krause: Die Weitergabe von Diktaturerfahrung an die junge Generation. Hohenschönhausen-Forum in Berlin S. 1083-1084 ...
Deutschland Archiv: Zeitschrift für das vereinigte Deutschland - H ...
Internationales Symposium der Stiftung Ettersberg in Weimar S. 1081-1083. Henry Krause: Die Weitergabe von Diktaturerfahrung an die junge Generation. Hohenschönhausen-Forum in Berlin S. 1083-1084. Wolfgang Schlott: Kunst gegen Gewalt. ...
Das Bundesverfassungsgericht
und FR 2005, S. 1; Wienands/Schneider, FR 2001, S. 1081 ). Dass er den im Schrifttum vorgebrachten Gegenargumenten nicht folgt, ist verfassungsrechtlich nicht zu beanstanden. 23. Entgegen der Auffassung der Beschwerdeführerin ...
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