3.0.0 1111 2023-01-11T19:41:44Z 2023-01-11T19:41:44Z Senate S S 2007-04-16 110 ssfi00 Finance Committee Senate Standing Referred to 2007-04-16T19:00:34Z 2007-04-16 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4481-4490) IntroReferral 2007-04-16 Sponsor introductory remarks on measure. (CR S4480-4481) IntroReferral B00100 9 Library of Congress 2007-04-16 Introduced in Senate IntroReferral 10000 9 Library of Congress W000779 Sen. Wyden, Ron [D-OR] Ron Wyden D OR N Taxation Capital gains tax Commerce Corporation taxes Dividends Earned income tax credit Energy Families Finance and Financial Sector Flat-rate tax Foreign corporations Health Health insurance Income tax Law Minimum tax Petroleum industry Property tax Punitive damages Sales tax Social Welfare Tax administration Tax credits Tax deductions Tax evasion Tax exclusion Tax penalties Tax rates Tax refunds Taxation of foreign income Taxation 00 2007-04-16 Introduced in Senate 2007-05-21T18:36:34Z Fair Flat Tax Act of 2007 - 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) allow a health care standard deduction and 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 for individual taxpayers; and (7) repeal certain tax credits, deductions, and exclusions after 2007.

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 domestic and foreign corporations and large oil companies.

Increases or imposes new penalties for understatements of tax, failure to report tax information, and failure to file tax returns or pay tax.

Sets forth rules for the application of the economic substance doctrine to transactions with tax significance. Imposes penalties for underpayments of tax due to transactions lacking economic substance.

Denies a tax deduction for payment of punitive damages.

Terminates this Act after 2012.

]]> Fair Flat Tax Act of 2007 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 Display Title Fair Flat Tax Act of 2007 Short Titles as Introduced Fair Flat Tax Act of 2007 Introduced in Senate 2007-04-16T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110s1111is/xml/BILLS-110s1111is.xml 2007-04-16 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4481-4490) 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.