3.0.0 907 2023-01-15T23:33:08Z 2023-01-15T23:33:08Z Senate S S 2003-04-11 108 ssfi00 Finance Committee Senate Standing Referred to 2003-04-11T20:18:30Z 2003-04-11 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S5365-5370) IntroReferral 2003-04-11 Introduced in Senate IntroReferral 10000 9 Library of Congress S000709 Sen. Specter, Arlen [R-PA] ARLEN SPECTER R PA N Taxation Campaign funds Charitable contributions Checkoff Coal Commerce Corporation taxes Cost of living adjustments Economics and Public Finance Employee health benefits Energy Estate tax Finance and Financial Sector Flat-rate tax Gift tax Government Operations and Politics Government trust funds Health Home ownership Housing and Community Development Housing finance Income tax Indexing (Economic policy) Inheritance tax Interest Labor and Employment Lobbying Miners Mortgages Pension funds Presidential elections Retiree health benefits Social Welfare Tax deductions Tax returns Wages Taxation 00 2003-04-11 Introduced in Senate 2006-11-28T17:35:40Z 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.]]>

Flat Tax Act of 2003 Display Title Flat Tax Act of 2003 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to impose a flat tax only on individual taxable earned income and business taxable income, and for other purposes. Introduced in Senate IS Short Titles as Introduced Flat Tax Act of 2003 Introduced in Senate 2003-04-11T04:00:00Z 2003-04-11 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S5365-5370) 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.