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.

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.


... morehide bill summary

Sponsor

• Sen. Arlen Specter [D, PA]

Committees

• Senate Finance

Amendments

This bill has no amendments.

Amendments to S.1081

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
April 10, 2007

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All Bill Actions

• Introduced on Apr 10, 2007.
• Apr 10, 2007: Sponsor introductory remarks on measure. (CR S4294)
• Apr 10, 2007: Read twice and referred to the Committee on Finance.

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Related Issue Areas:

• Taxation
• Aged
• Budgets
• Business
• 45 more
• Campaign funds
• Charitable contributions
• Checkoff
• Children
• Coal mines and mining
• Corporation taxes
• Cost of living adjustments
• Custody of children
• Disabled
• Divorce
• Economic policy
• Elections
• Employee health benefits
• Energy
• Estate tax
• Families
• Finance
• Flat-rate tax
• Gift tax
• Government trust funds
• Health policy
• Home ownership
• Housing
• Housing finance
• Income tax
• Indexing (Economic policy)
• Inheritance tax
• Interest
• Labor
• Lobbying
• Medical care
• Miners
• Mortgages
• Pension funds
• Pensions
• Politics and government
• Presidential elections
• Presidents
• Retiree health benefits
• Separation (Law)
• Sheltered workshops
• Tax deductions
• Tax returns
• Wages
• Coal

Data from the Congressional Research Service

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Blog Coverage

December 11, 2008 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 ...

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Source: H-Soz-u-Kult

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December 09, 2008 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. ...

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December 04, 2008 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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