U.S. Congress - H.R.1040 Freedom Flat Tax Act
H.R.1040 - Freedom Flat Tax Act
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: Freedom Flat Tax Act as introduced.
- Official: 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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Latest Action Feb 12, 2009Referred to House Rules Related Bills (1) & Issues (7) Users Tracking H.R.1040 (5)
Official Summary
2/12/2009--Introduced.Freedom 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. Repeals the estate, gift, and generation-skipping transfer taxes. 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....Read the Rest
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Recent Blog Coverage
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Northern Light: @GlennBeck not really as conservative as he wants ...
FairTax (H. R. 25) with 61 sponsors versus the Flat Tax (H. R. 1040) with only 5 sponsors. How about a GOOD INFORMATIVE DEBATE Glenn? The real problem with Dick Armey (one of the "flat tax" architects - Ask Dennis Calibrese at www. ...
Meet the Tax Man: U.S. Value-Added Tax Legislation
H.R. 1040 (Burgess). Freedom Flat Tax Act. This bill would allow individuals to elect irrevocably to pay a flat tax as an alternative to our current income tax. In the first two years, the flat tax rate would be 19%, but in subsequent ...
The Housing Bubble Blog ยป Bits Bucket For October 2, 2009
comparison between H.R.25 and H.R.1040. And here's a proposal for a kinder gentler flat tax: (exemption in this one is up to $46k, but the flat tax rate is higher - 17%) http://www.forbes.com/forbes/2005/1017/042.html ...
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