3.0.0 1921 2023-01-13T04:49:47Z 2023-01-13T04:49:47Z Senate S S 2005-10-26 109 ssfi00 Finance Committee Senate Standing Referred to 2005-10-26T16:45:27Z Fair Tax Act of 2005 109 25 HR 2005-11-01 Sponsor introductory remarks on measure. (CR H9439) Related bill CRS Fair Tax Act of 2005 109 25 S 2005-01-24 Read twice and referred to the Committee on Finance. Related bill CRS 2005-10-26 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2005-10-26 Introduced in Senate IntroReferral 10000 9 Library of Congress D000595 Sen. DeMint, Jim [R-SC] James DeMint R SC W. N G000359 Sen. Graham, Lindsey [R-SC] Lindsey Graham R SC 2005-10-26 True Taxation Accounting Campaign funds Capital Capital gains tax College costs Commerce Corporation taxes Customs administration Department of the Treasury Economics and Public Finance Education Estate tax Executive reorganization Families Finance and Financial Sector Foreign Trade and International Finance Gift tax Government Operations and Politics Government trust funds Higher education Home ownership Housing and Community Development Housing finance Imports Income tax Inheritance tax Internal Revenue Service (IRS) Minimum tax Poverty Presidential elections Profit Sales tax Saving and investment Social Welfare Tax administration Tax credits Tax deductions Tax penalties Tax rates Tax refunds Tax simplification Tax-exempt organizations Taxpayers Taxation 00 2005-10-26 Introduced in Senate 2006-02-01T16:50:49Z Repeals: (1) the income tax, including the tax on capital gains and the alternative minimum tax; (2) estate, gift, and generation-skipping transfer taxes; and (3) the Financing of Presidential Election Campaigns provisions.

Imposes a sales tax of 8.4% on the use or consumption of taxable property or services, to be administered and collected by the states. Allows certain credits against such tax for, among other things, business use conversion, export sales, bad debt, insurance proceeds, and previously taxed property. Grants a family consumption allowance for certain low-income families.

Repeals the corporate income tax and related provisions. Imposes a business tax of 8.4% of the annual gross profit on the sale of taxable property and services in the United States by a business entity. Defines "gross profits" as the taxable receipts of a business entity over the allowable deductible amounts for such entity, including the cost of business purchases and loss carryover deductions.

Sets forth rules for the taxation of income from the non-exempt business activities of governmental entities. Revises the tax treatment of charitable and other nonprofit organizations.

Imposes a tax of 8.4% of the customs value of all property brought into the United States for consumption, use, or warehousing.

Revises tax administration provisions, including registration, accounting, penalty, and taxpayer rights provisions.

Prohibits funding of the Internal Revenue Service after FY2010.

Savings for Working Families Act of 2005 - Allows certain low-income individuals to establish individual development accounts (IDAs) to accumulate assets for, among other things, higher education expenses, first-time home purchases, and business capitalization or expansion costs. Provides for federal matching funds to certain financial institutions for investment in IDAs.

]]> A bill to promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and replacing such taxes with a national sales tax and a business tax. Display Title A bill to promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and replacing such taxes with a national sales tax and a business tax. Official Title as Introduced A bill to promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and replacing such taxes with a national sales tax and a business tax. Introduced in Senate IS Short Titles as Introduced for portions of this bill Savings for Working Families Act of 2005 Introduced in Senate 2005-10-26T04:00:00Z 2005-10-26 Read twice and referred to the Committee on Finance. 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.