3.0.0 1081 2023-01-11T19:42:16Z 2023-01-11T19:42:16Z Senate S S 2007-04-10 110 ssfi00 Finance Committee Senate Standing Referred to 2007-04-10T16:40:02Z 2007-04-10 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2007-04-10 Sponsor introductory remarks on measure. (CR S4294) IntroReferral B00100 9 Library of Congress 2007-04-10 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 Custody of children Disabled Divorce Economics and Public Finance Employee health benefits Energy Estate tax Families 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 Separation (Law) Sheltered workshops Social Welfare Tax deductions Tax returns Wages Taxation 00 2007-04-10 Introduced in Senate 2007-05-01T20:17:19Z Flat Tax Act of 2007 - Replaces the income tax with a flat tax of 20 percent of taxable earned income of individual taxpayers. Defines "taxable earned income" as the excess of earned income (wages, salaries, professional fees) over a standard deduction, a deduction for cash charitable contributions, and a deduction for home mortgage interest. Sets forth definitions and special rules for surviving spouses, heads of household, and dependents.

Imposes a flat tax of 20 percent on business taxable income. Defines "business taxable income" as gross active income (other than investment income) reduced by: (1) the cost of business inputs (cost of specified goods, services, travel, and entertainment expenditures); (2) employee compensation; and (3) the cost of personal and real property used in business activities. Disallows a deduction from gross active business income for purchases of goods and services provided to employees or owners and certain lobbying and political expenditures.

Repeals: (1) estate, gift, and generation-skipping transfer taxes; (2) financing of presidential election campaigns provisions; and (3) coal industry health benefits provisions.

]]> Flat Tax Act of 2007 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 Display Title Flat Tax Act of 2007 Short Titles as Introduced Flat Tax Act of 2007 Introduced in Senate 2007-04-10T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s1081is/xml/BILLS-110s1081is.xml 2007-04-10 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.