3.0.0 1824 2023-01-11T13:27:41Z 2023-01-11T13:27:41Z House HR 2015-04-15 114 [Congressional Record Volume 161, Number 54 (Wednesday, April 15, 2015)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. ROGERS of Alabama:H.R. 1824.Congress has the power to enact this legislation pursuantto the following:Clause 1 Section 8 of Article 1 of the United StatesConstitution and Amendment XVI of the United StatesConstitution.[Page H2270]]]> hsru00 Rules Committee House Standing Referred to 2015-04-15T14:04:15Z hswm00 Ways and Means Committee House Standing Referred to 2015-04-15T14:04:10Z Simplified, Manageable, And Responsible Tax Act 114 929 S 2015-04-14 Read twice and referred to the Committee on Finance. Identical bill CRS 2015-04-15 Referred to the Committee on Ways and Means, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsru00 Rules Committee 2015-04-15 Referred to the Committee on Ways and Means, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100-A 9 Library of Congress 2015-04-15 Referred to the Committee on Ways and Means, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2015-04-15 Introduced in House IntroReferral Intro-H 9 Library of Congress 2015-04-15 Introduced in House IntroReferral 1000 9 Library of Congress R000575 Rep. Rogers, Mike D. [R-AL-3] Mike Rogers R AL 3 N Taxation Employee benefits and pensions Income tax credits Income tax deductions Income tax exclusion Income tax rates Legislative rules and procedure Tax reform and tax simplification Transfer and inheritance taxes Taxation 00 2015-04-15 Introduced in House 2015-05-06T19:53:23Z Simplified, Manageable, And Responsible Tax Act or the SMART Act

Amends the Internal Revenue Code to replace the marginal income tax rates with a single rate of 17% on individual taxable income.

Redefines "taxable income" to mean the amount by which wages, retirement distributions, and unemployment compensation exceed the standard deduction. Increases the basic standard deduction and includes an additional standard deduction for dependents. Includes in taxable income the taxable income of each dependent child under the age of 14.

Replaces the current tax on corporations with a tax on every person engaged in a business activity equal to 17% of the business taxable income of such person. Makes the person engaged in the business activity liable for the tax, whether or not such person is an individual, a partnership, or a corporation.

Imposes a tax of 17% on the value of excludable compensation provided during the year by an employer for the benefit of employees. Makes the employer liable for the tax.

Repeals pension plan rules relating to : (1) non-discrimination, (2) contribution limits, and (3) restrictions on distributions. Revises rules relating to transfers of excess pension assets.

Repeals: (1) the alternative minimum tax; (2) all income tax credits; (3) estate, gift, and generation-skipping transfer taxes; and (4) income tax provisions, except certain provisions relating to retirement distributions and tax-exempt organizations.

Declares it not in order in the House of Representatives or the Senate, unless waived or suspended by a three-fifths vote, to consider any legislation that increases or adds an income tax rate, reduces the standard deduction, or provides any exclusion, deduction, credit, or other benefit that reduces federal revenues.]]>

SMART Act Display Title SMART Act Official Title as Introduced To repeal the current Internal Revenue Code and replace it with a flat tax, thereby guaranteeing economic growth and fairness for all Americans. Introduced in House IH Short Titles as Introduced SMART Act Short Titles as Introduced Simplified, Manageable, And Responsible Tax Act Introduced in House 2015-04-15T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr1824ih/xml/BILLS-114hr1824ih.xml 2015-04-15 Referred to the Committee on Ways and Means, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. 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.