S.1099 - Tax Simplification Act of 2005

A bill to repeal the current Internal Revenue Code and replace it with a flat tax, thereby guaranteeing economic growth and greater fairness for all Americans. view all titles (2)

All Bill Titles

  • Short: Tax Simplification Act of 2005 as introduced.
  • Official: A bill to repeal the current Internal Revenue Code and replace it with a flat tax, thereby guaranteeing economic growth and greater fairness for all Americans. as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
05/23/05
 
 
 
 
 
 
 

Official Summary

Tax Simplification Act of 2005 - Amends the Internal Revenue Code to replace the marginal income tax rates with a single rate of 19 percent (17 percent after December 31, 2007) on individual taxable income. Redefines \"taxable income\" to mean the amount by which wages, retirement distribut

Official Summary

Tax Simplification Act of 2005 - Amends the Internal Revenue Code to replace the marginal income tax rates with a single rate of 19 percent (17 percent after December 31, 2007) 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 19 percent (17 percent after December 31, 2007) 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 19 percent (17 percent after December 31, 2007) 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.

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