3.0.0 1040 2023-01-15T15:48:21Z 2023-01-15T15:48:21Z Senate S S 2003-05-12 108 ssfi00 Finance Committee Senate Standing Referred to 2003-05-12T19:01:25Z Tax Simplification Act of 2003 108 3060 HR 2003-09-10 Referred to the Committee on Ways and Means, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. Identical bill CRS 2003-05-19 Senate Star Print ordered on on the bill. Floor 2003-05-12 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2003-05-12 Sponsor introductory remarks on measure. (CR S6030) IntroReferral B00100 9 Library of Congress 2003-05-12 Introduced in Senate IntroReferral 10000 9 Library of Congress S000320 Sen. Shelby, Richard C. [R-AL] Richard Shelby R AL C. N M001141 Sen. Miller, Zell [D-GA] ZELL MILLER D GA 2003-05-12 True 2003-05-14 S001142 Sen. Smith, Gordon H. [R-OR] GORDON SMITH R OR H. 2003-05-12 True 2003-05-14 C000858 Sen. Craig, Larry E. [R-ID] LARRY CRAIG R ID EDWIN 2003-12-09 False Taxation Civil service retirement Commerce Congress Congressional voting Corporation taxes Cost of living adjustments Economics and Public Finance Estate tax Excise tax Executive compensation Families Flat-rate tax Gift tax Government Operations and Politics House rules and procedure Income tax Indexing (Economic policy) Individual retirement accounts Labor and Employment Legislation Legislative amendments Legislative resolutions Local employees Minimum tax Pension funds Retirement income Self-employed Senate rules and procedure Social Welfare State employees Tax credits Tax deductions Tax exclusion Tax expenditures Tax penalties Tax rates Tax simplification Tax-deferred compensation plans Tax-exempt organizations Unemployment insurance Taxation 00 2003-05-12 Introduced in Senate 2003-10-02T21:23:53Z 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, 2004) of the business taxable income of such person. Makes the person engaged in the business activity liable for the tax.

Imposes a tax of 19 percent (17 percent after December 31, 2004) 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 specified provisions: (1) relating to pension plans; and (2) imposing a tax on any employer reversion from a qualified plan.

Revises requirements regarding transfers of excess pension assets.

Repeals provisions respecting: (1) alternative minimum tax; (2) tax credits; (3) estate and gift taxes; and (4) subject to exception, normal taxes and surtaxes.

Makes it not in order in the House of Representatives or the Senate, unless waived or suspended in the House or the Senate by a three-fifths vote of the Members, to consider any bill, joint resolution, amendment thereto, or conference report thereon that includes any provision that increases an income tax rate, creates an additional tax rate, reduces the standard deduction, or provides any exclusion, deduction, credit, or other benefit that results in a reduction in Federal revenues.]]>

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. Display Title 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. Official Title as Introduced A bill to promote freedom, fairness, and economic opportunity for families by reducing the power and reach of the Federal establishment. Introduced in Senate IS Official Titles as Amended by Senate 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. S Senate Short Titles as Introduced Tax Simplification Act of 2003 Introduced in Senate 2003-05-12T04:00:00Z 2003-05-19 Star Print ordered on on the bill. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.