S. 1111 · 110th Congress
Fair Flat Tax Act of 2007
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Never voted on. It didn't reach a floor vote before the 110th 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 2007 - 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) allow a health care standard deduction and increase the basic standard tax…
What it does: CRS summary · Introduced in Senate · Apr 16, 2007
Fair Flat Tax Act of 2007 - 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) allow a health care standard deduction and 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 for individual taxpayers; and (7) repeal certain tax credits, deductions, and exclusions after 2007.
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 domestic and foreign corporations and large oil companies.
Increases or imposes new penalties for understatements of tax, failure to report tax information, and failure to file tax returns or pay tax.
Sets forth rules for the application of the economic substance doctrine to transactions with tax significance. Imposes penalties for underpayments of tax due to transactions lacking economic substance.
Denies a tax deduction for payment of punitive damages.
Terminates this Act after 2012.
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 2007
Latest action (Apr 16, 2007): Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4481-4490)
Policy area: Taxation · Origin: Senate · Introduced: Apr 16, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.