S.1081 - 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. view all titles (2)

All Bill Titles

  • Official: 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. as introduced.
  • Short: Flat Tax Act of 2007 as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
04/10/07
 
 
 
 
 
 
 

Official Summary

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 con

Official Summary

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.

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