S. 1927 · 109th Congress
Fair Flat Tax Act of 2005
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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
WydenSponsorNo cosponsors.
Fair Flat Tax Act of 2005 - Amends the Internal Revenue Code with respect to individual taxpayers to: (1) reduce to three (15, 25, and 35%) the number of income tax brackets for married and single taxpayers; (2) repeal tax rate reductions for capital gains and dividend income; (3) increase the basic standard tax deduction; (4) allow a refundable tax credit…
What it does: CRS summary · Introduced in Senate · Oct 27, 2005
Fair Flat Tax Act of 2005 - Amends the Internal Revenue Code with respect to individual taxpayers to: (1) reduce to three (15, 25, and 35%) the number of income tax brackets for married and single taxpayers; (2) repeal tax rate reductions for capital gains and dividend income; (3) increase the basic standard tax deduction; (4) allow a refundable tax credit for state and local income, sales, and real and personal property taxes; (5) revise the earned income and child tax credits for taxpayers with no children; (6) repeal the alternative minimum tax; and (7) repeal certain tax credits, deductions, and exclusions after 2005.
Imposes a flat tax of 35 percent on corporate taxable income. Allows a limited tax deduction for use of a corporate aircraft. Terminates certain preferential tax provisions for corporations.
Requires the Secretary of the Treasury to report to Congress on: (1) the elimination of tax benefits that subsidize inefficiencies in the health care system; and (2) reform of business pass-through entities.
Terminates this Act after 2010.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Fair Flat Tax Act of 2005
Latest action (Nov 1, 2005): Sponsor introductory remarks on measure. (CR S12146-12148)
Policy area: Taxation · Origin: Senate · Introduced: Oct 27, 2005
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.