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S. 907 · 108th Congress

Flat Tax Act of 2003

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IntroducedPassed one chamberPassed both chambersBecame law (gold)Resolution agreed to (full, dark)Failed or vetoed (gray)

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Never voted on. It didn't reach a floor vote before the 108th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

ASR SpecterSponsor

No cosponsors.

Flat Tax Act of 2003 - Amends the Internal Revenue Code to repeal current tax provisions for individuals and businesses and replace them with provisions for a flat tax of 20 percent of the income of individuals and businesses.

What it does: CRS summary · Introduced in Senate · Apr 11, 2003
Flat Tax Act of 2003 - Amends the Internal Revenue Code to repeal current tax provisions for individuals and businesses and replace them with provisions for a flat tax of 20 percent of the income of individuals and businesses.

Allows an individual: (1) a standard deduction, with an inflation adjustment; (2) limited charitable contribution deductions; and (3) a limited deduction for home acquisition indebtedness.

Allows deductions to a business for: (1) the cost of business inputs (the cost of specified goods, services, travel, entertainment, and lobbying and political expenditures); (2) compensation paid to employees; and (3) the cost of personal and real property used in business activities.

Repeals the estate, gift, and generation-skipping transfer taxes. Repeals provisions concerning: (1) financing of presidential elections; and (2) coal industry health benefits.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Flat Tax Act of 2003

Latest action (Apr 11, 2003): Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S5365-5370)

Policy area: Taxation · Origin: Senate · Introduced: Apr 11, 2003

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.