3.0.0 1040 2025-05-27T14:12:17Z 2025-05-27T14:12:17Z House H HR 2023-02-14 118 <pre>[Congressional Record Volume 169, Number 30 (Tuesday, February 14, 2023)][House]From the Congressional Record Online through the Government Publishing Office [<a href="https://www.gpo.gov">www.gpo.gov</a>]By Mr. BURGESS:H.R. 1040.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 1The single subject of this legislation is:This bill authorizes an individual or a person engaged inbusiness activity to make an irrevocable election to besubject to a flat tax (in lieu of the existing income taxprovisions) of 19% for the first two years after an electionis made, and 17% thereafter.[Page H842]</pre> hsru00 Rules Committee House Standing Referred To 2023-02-14T15:09:10Z hswm00 Ways and Means Committee House Standing Referred To 2023-02-14T15:09:05Z 2023-02-14 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 2023-02-14 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 2023-02-14 Introduced in House IntroReferral Intro-H 9 Library of Congress 2023-02-14 Introduced in House IntroReferral 1000 9 Library of Congress B001248 Rep. Burgess, Michael C. [R-TX-26] Michael Burgess R TX C. 26 N Taxation Employment taxes 2023-03-29T15:33:19Z Income tax deductions 2023-03-29T15:33:19Z Income tax rates 2023-03-29T15:33:19Z Legislative rules and procedure 2023-03-29T15:33:19Z Tax reform and tax simplification 2023-03-29T15:33:19Z Transfer and inheritance taxes 2023-03-29T15:33:19Z Taxation 2023-03-13T19:45:22Z

00 2023-02-14 Introduced in House 2023-03-15T14:04:21Z <p><strong>Flat Tax Act </strong></p> <p>This bill authorizes an individual or a person engaged in business activity to make an irrevocable election to be subject to a flat tax (in lieu of the existing income tax provisions) of 19% for the first two years after an election is made, and 17% thereafter. </p> <p>The bill calculates taxable income for individual taxpayers by subtracting a basic standard deduction and an additional standard deduction for each dependent from the total of wages, retirement distributions, and unemployment compensation. <em>Business taxable income</em> is gross active income reduced by certain deductions for the cost of business inputs, wages, and retirement contributions. </p> <p>The bill imposes an employer tax on the value of excludable compensation provided to employees not engaged in business activity of 19% for the first two years after an election is made under this bill, and 17% thereafter. </p> <p>The bill also repeals the estate, gift, and generation-skipping transfer taxes. </p> <p> A two-thirds vote of the House of Representatives and the Senate is required to increase the flat tax rate proposed by this bill or to reduce the amount of the standard deduction or business-related deductions allowed by this bill.</p>

Display Title 45 2024-07-24T15:23:41Z Short Title(s) as Introduced 101 2024-05-24T13:42:17Z Introduced in House IH Official Title as Introduced 6 2024-03-18T20:20:21Z Introduced in House IH Introduced in House 2023-02-14T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-118hr1040ih/xml/BILLS-118hr1040ih.xml 2023-02-14 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.