s 13 57198 1241064000 false 1241064000 932 287 111 300089

4/30/2009--Introduced.Simplified, Manageable, And Responsible Tax Act or the SMART Act - Amends the Internal Revenue Code to replace the marginal income tax rates with a single rate of 17% on individual taxable income. Redefines "taxable income" to mean the amount by which wages, retirement distributions, and unemployment compensation exceed the standard deduction. Increases the basic standard deduction and includes an additional standard deduction for dependents. Includes in taxable income the taxable income of each dependent child under the age of 14. Replaces the current tax on corporations with a tax on every person engaged in a business activity equal to 17% of the business taxable income of such person. Makes the person engaged in the business activity liable for the tax, whether or not such person is an individual, a partnership, or a corporation. Imposes a tax of 17% on the value of excludable compensation provided during the year by an employer for the benefit of employees. Makes the employer liable for the tax. Repeals pension plan rules relating to : (1) non-discrimination; (2) contribution limits; and (3) restrictions on distributions. Revises rules relating to transfers of excess pension assets. Repeals: (1) the alternative minimum tax; (2) all income tax credits; (3) estate, gift, and generation-skipping transfer taxes; and (4) income tax provisions, except certain provisions relating to retirement distributions and tax-exempt organizations. Declares it not in order in the House of Representatives or the Senate, unless waived or suspended by a three-fifths vote, to consider any legislation that increases or adds an income tax rate, reduces the standard deduction, or provides any exclusion, deduction, credit, or other benefit that reduces federal revenues.

1241064000 2009-04-30 Sat Nov 14 07:54:06 -0600 2009 introduced 57198 'act':2 'smart':1 75989 false short introduced 57198 'act':6 'tax':5 'manag':2 'respons':4 'simplifi':1 75988 false short introduced 57198 'tax':16 'bill':2 'code':9 'fair':23 'flat':15 'econom':19 'growth':20 'intern':7 'repeal':4 'replac':11 'revenu':8 'current':6 'greater':22 'therebi':17 'american':26 'guarante':18 72634 false official action 57198 1241064000 Thu Apr 30 00:00:00 -0500 2009 193335 Read twice and referred to the Committee on Finance. S000320 1934-05-06 7502 304 Russell Senate Office Building http://shelby.senate.gov/resources/contact.htm 202-224-3416 Richard 'r':4 'al':5 'sen':1 'shelbi':3,7,9 'richard':2,6,8 M 300089 Shelby Richard_Shelby C. Sen. Richard Shelby [R, AL] 3525 N00009920 10455 Republican 202-224-5744 Presbyterian AL Richard Shelby 3.77083333333333 http://shelby.senate.gov/ action 57198 1241064000 Thu Apr 30 00:00:00 -0500 2009 193335 Read twice and referred to the Committee on Finance. introduced 57198 1241064000 Thu Apr 30 00:00:00 -0500 2009 193334