3.0.0 1927 2023-01-13T04:49:46Z 2023-01-13T04:49:46Z Senate S S 2005-10-27 109 ssfi00 Finance Committee Senate Standing Referred to 2005-10-27T17:17:26Z Freedom Flat Tax Act 109 1040 HR 2005-03-02 Referred to the House Committee on Ways and Means. Related bill CRS Fair Flat Tax Act of 2006 109 5176 HR 2006-04-25 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 2005-11-01 Sponsor introductory remarks on measure. (CR S12146-12148) IntroReferral B00100 9 Library of Congress 2005-10-27 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S12010-12013) IntroReferral 2005-10-27 Sponsor introductory remarks on measure. (CR S12009-12010) IntroReferral B00100 9 Library of Congress 2005-10-27 Introduced in Senate IntroReferral 10000 9 Library of Congress W000779 Sen. Wyden, Ron [D-OR] Ron Wyden D OR N Taxation Business travel Capital gains tax Commerce Congress Congressional reporting requirements Corporation taxes Depreciation and amortization Dividends Earned income tax credit Energy Families Finance and Financial Sector Flat-rate tax Foreign Trade and International Finance Foreign corporations Government Operations and Politics Government paperwork Health Health insurance Income tax Intergovernmental tax relations Local taxation Minimum tax Nuclear facilities Private aviation Property tax Sales tax Social Welfare State taxation Subsidies Tax credits Tax deductions Tax evasion Tax exclusion Tax preferences Tax rates Tax refunds Tax simplification Taxation of foreign income Transportation and Public Works Taxation 00 2005-10-27 Introduced in Senate 2005-11-22T21:23:53Z Fair Flat Tax Act of 2005 - 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) 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; and (7) repeal certain tax credits, deductions, and exclusions after 2005.

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 corporations.

Requires the Secretary of the Treasury to report to Congress on: (1) the elimination of tax benefits that subsidize inefficiencies in the health care system; and (2) reform of business pass-through entities.

Terminates this Act after 2010.

]]> Fair Flat Tax Act of 2005 Display Title Fair Flat Tax Act of 2005 Official Title as Introduced A bill 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 Senate IS Short Titles as Introduced Fair Flat Tax Act of 2005 Introduced in Senate 2005-10-27T04:00:00Z 2005-11-01 Sponsor introductory remarks on measure. (CR S12146-12148) 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.