U.S. Congress - S.2856 Optional One Page Flat Tax Act
S.2856 - Optional One Page Flat Tax Act
A bill 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: Optional One Page Flat Tax Act as introduced.
- Official: A bill 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
4/15/2008--Introduced.Optional One Page 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% for the first two years afOfficial Summary
4/15/2008--Introduced.Optional One Page 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% for the first two years after an election is made, and 17% 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% for the first two years after an election is made under this Act and 17% thereafter. 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
S.2856: International Fisheries Agreement Clarification Act - U.S. ...
One such bill, entitled the “International Fisheries Agreement Clarification Act” (S. 2856/H.R. 4369), would exempt stocks, such as Georges Bank cod and yellowtail flounder, that are subject to the U.S.-Canada Transboundary Resource . .... OpenCongress
http://www.qando.net/ - Financial crisis: Dems try to rewrite ...
S. 2856 [109th]The Financial Services Regulatory Relief Act of 2006, was approved on October 13, 2006 after which the total number of foreclosures started to rise severely. There are certainly many other contributing factors, ...
S. 2856: Optional One Page Flat Tax Act (GovTrack.us)
A bill in the US Congress: A bill to amend the Internal Revenue Code of 1986 to provide taxpayers a flat tax alternative to the current income tax system.
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