s 11 42793 1176177600 false 1176177600 1081 978 110 300092 4/10/2007--Introduced.<br/>Flat Tax Act of 2007 - Replaces the income tax with a flat tax of 20 percent of taxable earned income of individual taxpayers. Defines &quot;taxable earned income&quot; 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.<br/>Imposes a flat tax of 20 percent on business taxable income. Defines &quot;business taxable income&quot; 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.<br/>Repeals: (1) estate, gift, and generation-skipping transfer taxes; (2) financing of presidential election campaigns provisions; and (3) coal industry health benefits provisions.<br/> 1176177600 2007-04-10 Fri Nov 07 14:32:24 -0600 2008 introduced 42793 'tax':15 '1986':10 'bill':2 'busi':23 'code':8 'earn':20 'flat':14 'amend':4 'impos':12 'incom':21,25 'intern':6 'purpos':29 'revenu':7 'taxabl':19,24 'individu':18 45559 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. official introduced 42793 'act':3 'tax':2 '2007':5 'flat':1 49803 Flat Tax Act of 2007 short introduced 42793 1176177600 Tue Apr 10 00:00:00 -0500 2007 108197 S000709 1930-02-12 15400 711 Hart Senate Office Building http://specter.senate.gov/public/index.cfm?FuseAction=Contact.ContactForm 202-228-1229 Arlen 'd':4 'pa':5 'sen':1 'arlen':2,6,8 'specter':3,7,9 M 300092 Specter Arlen_Specter Sen. Arlen Specter [D, PA] 6612 N00001604 22093 Democrat 202-224-4254 Jewish PA Sen. Arlen Specter 1.81168831168831 http://specter.senate.gov/public/ introduced 42793 1176177600 Tue Apr 10 00:00:00 -0500 2007 108197 action 42793 1176177600 Tue Apr 10 00:00:00 -0500 2007 116117 Sponsor introductory remarks on measure. (CR S4294) action 42793 1176177600 Tue Apr 10 00:00:00 -0500 2007 108198 Read twice and referred to the Committee on Finance.