3.0.0 5176 2023-01-13T04:48:43Z 2023-01-13T04:48:43Z House H HR 2006-04-25 109 hswm00 Ways and Means Committee House Standing Referred to 2006-04-25T18:01:40Z Freedom Flat Tax Act 109 1040 HR 2005-03-02 Referred to the House Committee on Ways and Means. Related bill CRS Flat Tax Act of 2005 109 812 S 2005-04-15 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S3742-3747) Related bill CRS Tax Simplification Act of 2005 109 1099 S 2005-05-23 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S5782-5784) Related bill CRS Fair Flat Tax Act of 2005 109 1927 S 2005-11-01 Sponsor introductory remarks on measure. (CR S12146-12148) Related bill CRS 2006-04-25 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2006-04-25 Introduced in House IntroReferral Intro-H 9 Library of Congress 2006-04-25 Introduced in House IntroReferral 1000 9 Library of Congress E000287 Rep. Emanuel, Rahm [D-IL-5] Rahm Emanuel D IL 5 N Taxation Accounting Administrative procedure Agriculture and Food Alcohol tax Americans in foreign countries Architecture and the disabled Awards, medals, prizes Bankruptcy Brokers Charitable contributions Clergy College costs Commemorations Commerce Congressional reporting requirements Contracts Corporate finance Corporation taxes Cost of living adjustments Costs Crime and Law Enforcement Damages Department of the Treasury Depletion allowances Depreciation and amortization Disabled Economics and Public Finance Education Elementary and secondary education Employee benefit plans Energy Families Finance and Financial Sector Fines (Penalties) Flat-rate tax Flexible benefit plans Foreign Trade and International Finance Foreign corporations Fraud Fringe benefits Gambling Geothermal resources Government Operations and Politics Government paperwork Government procurement Health Higher education Housing and Community Development Income tax Indexing (Economic policy) Individual retirement accounts Information disclosure (Securities law) Interest Inventories Labor and Employment Law Leases Life insurance Losses Medical economics Minimum tax Mortgages Nuclear facilities Oil well drilling Pension funds Petroleum Petroleum engineering Petroleum industry Private aviation Profit Prospecting Relocation Rent Secondary recovery of oil Securities Small business Sports and Recreation Sunset legislation Tax consultants Tax credits Tax deductions Tax deferral Tax evasion Tax exclusion Tax exemption Tax expenditures Tax incentives Tax penalties Tax preferences Tax rates Tax refunds Tax returns Tax shelters Tax-exempt organizations Taxation of foreign income Teachers Teaching materials Tobacco tax Transportation and Public Works Travel costs Trusts and trustees Tuition tax credits Unemployment insurance Valuation Waste in government spending Withholding tax Workers' compensation Taxation 00 2006-04-25 Introduced in House 2006-05-13T14:22:42Z Fair Flat Tax Act of 2006 - Amends the Internal Revenue Code to revise the individual income tax system by: (1) reducing the number of individual income tax brackets to three (15, 25 & 35%); (2) repealing after 2005 the tax rate reductions for capital gains and dividend income; (3) repealing various tax credits, deductions, exclusions and preferences; (4) increasing the basic standard tax deduction; (5) allowing families with dependent children a standard tax credit amount based on family size or modified adjusted gross income; (6) allowing a tax credit for higher education expenses; (7) allowing non-itemizing taxpayers a tax deduction for home mortgage interest and for contributions to tax-exempt universal pension accounts; (8) allowing certain small employers a tax credit for costs associated with universal pension accounts; and (9) repealing the alternative minimum tax for individual taxpayers.

Imposes a flat tax of 35% on corporate taxable income. Limits tax write-offs for use of corporate aircraft and employee personal use of noncommercial aircraft. Requires governmental agencies to withhold 3% of payments made for goods and services.

Imposes penalties for promoting abusive tax shelters and for aiding and abetting the understatement of tax liability. Increases tax penalties for fraud and failure to file tax returns. Defines "economic substance" for purposes of evaluating tax shelter transactions.

Eliminates amortization of geological and geophysical expenditures for integrated oil companies. Requires such oil companies to adjust the value of LIFO inventories of crude oil, natural gas, and other petroleum products.

Requires an inflation adjustment to the excise tax on distilled spirits, beer, wine, and tobacco.

Terminates this Act after 2010.

]]> Fair Flat Tax Act of 2006 Display Title Fair Flat Tax Act of 2006 Official Title as Introduced To amend the Internal Revenue Code of 1986 to make the Federal income tax system simpler, fairer, and more fiscally responsible, and for other purposes. Introduced in House IH Short Titles as Introduced Fair Flat Tax Act of 2006 Introduced in House 2006-04-25T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109hr5176ih/xml/BILLS-109hr5176ih.xml 2006-04-25 Referred to the House Committee on Ways and Means. 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.