3.0.0 1653 2023-02-14T19:15:43Z 2023-02-14T19:15:43Z Senate S 2021-05-17 117 ssfi00 Finance Committee Senate Standing Referred to 2021-05-17T20:37:23Z To amend the Internal Revenue Code to establish a flat tax, and for other purposes. 117 9680 HR 2022-12-22 Referred to the House Committee on Ways and Means. Related bill CRS 2021-05-17 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2021-05-17 Introduced in Senate IntroReferral 10000 9 Library of Congress S000320 Sen. Shelby, Richard C. [R-AL] Richard Shelby R AL C. 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 2021-05-17 Introduced in Senate 2021-06-24T14:01:28Z Simplified, Manageable, And Responsible Tax Act or the SMART Act

This bill replaces the marginal income tax rates in the Internal Revenue Code with a single rate of 17% on individual taxable income.

The bill redefines taxable income to mean the amount by which wages, retirement distributions, and unemployment compensation exceed the standard deduction. It also

  • increases the basic standard deduction,
  • includes an additional standard deduction for dependents, and
  • includes the taxable income of each dependent child under the age of 14 in an individual's taxable income.

The bill revises the tax on corporations to (1) replace it with a tax on every person engaged in a business activity equal to 17% of the business taxable income of such person; and (2) make the person engaged in the business activity liable for the tax, whether or not such person is an individual, a partnership, or a corporation.

The bill imposes on employers a 17% tax on the value of excludable compensation provided during the year to employees.

With respect to pension rules, the bill (1) repeals rules relating to non-discrimination, contribution limits, and restrictions on distributions; and (2) revises rules relating to transfers of excess pension assets.

The bill also repeals

  • the alternative minimum tax;
  • all income tax credits;
  • estate, gift, and generation-skipping transfer taxes; and
  • income tax provisions, except certain provisions relating to retirement distributions and tax-exempt organizations.

The bill prohibits Congress from considering legislation to make specified changes to tax policy unless Congress waives or suspends the prohibition with a three-fifths vote.

]]> SMART Act Display Title SMART Act Official Title as Introduced A bill 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 Senate IS Short Title(s) as Introduced SMART Act Introduced in Senate IS Short Title(s) as Introduced Simplified, Manageable, And Responsible Tax Act Introduced in Senate IS Introduced in Senate 2021-05-17T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117s1653is/xml/BILLS-117s1653is.xml 2021-05-17 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.