3.0.0 741 2023-01-11T13:19:40Z 2023-01-11T13:19:40Z Senate S S 2009-03-30 111 ssfi00 Finance Committee Senate Standing Referred to 2009-03-30T20:31:22Z 2009-03-30 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4065-4070) IntroReferral 2009-03-30 Sponsor introductory remarks on measure. (CR S3994-3997) IntroReferral B00100 9 Library of Congress 2009-03-30 Introduced in Senate IntroReferral 10000 9 Library of Congress S000709 Sen. Specter, Arlen [R-PA] ARLEN SPECTER R PA N Taxation Aging Coal Elections, voting, political campaign regulation Employee benefits and pensions Government trust funds Health care costs and insurance Housing finance and home ownership Income tax deductions Income tax rates Interest, dividends, interest rates Mining Public participation and lobbying Separation, divorce, custody, support Tax administration and collection, taxpayers Tax reform and tax simplification Transfer and inheritance taxes Wages and earnings Taxation 00 2009-03-30 Introduced in Senate 2009-04-15T20:23:40Z Flat Tax Act of 2009- 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 2009 Display Title Flat Tax Act of 2009 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 Short Titles as Introduced Flat Tax Act of 2009 Introduced in Senate 2009-03-30T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s741is/xml/BILLS-111s741is.xml 2009-03-30 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4065-4070) 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.