s 57244 1241409600 false 1241409600 963 400 111 300002 5/4/2009--Introduced.<br/>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 &quot;business taxable income&quot; 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.<br/> 1241409600 2009-05-04 Sat Sep 19 02:14:31 -0500 2009 introduced 57244 'act':6 'one':2 'tax':5 'flat':4 'page':3 'option':1 75767 false Optional One Page Flat Tax Act short introduced 57244 'tax':16,22 '1986':10 'bill':2 'code':8 'flat':15 'amend':4 'incom':21 'altern':17 'intern':6 'provid':12 'revenu':7 'system':23 'taxpay':13 'current':20 72702 false A bill to amend the Internal Revenue Code of 1986 to provide taxpayers a flat tax alternative to the current income tax system. official action 57244 1241409600 Mon May 04 00:00:00 -0500 2009 193558 Read twice and referred to the Committee on Finance. A000360 1940-07-03 455 Dirksen Senate Office Building http://alexander.senate.gov/public/index.cfm?FuseAction=Contact.Home 202-228-3398 Lamar 'r':4 'tn':5 'sen':1 'lamar':2,6,8 'alexand':3,7,9 M 300002 Alexander Lamar_Alexander Sen. Lamar Alexander [R, TN] N00009888 11440 Republican 202-224-4944 Presbyterian TN Sen. Lamar Alexander 2.525 http://alexander.senate.gov/public/ lamaralexander action 57244 1241409600 Mon May 04 00:00:00 -0500 2009 193558 Read twice and referred to the Committee on Finance. introduced 57244 1241409600 Mon May 04 00:00:00 -0500 2009 193557