H.R. 1040 (116th)

Flat Tax Act

referredUnited States· United States Congress· EN

Introduced

7 February 2019

Last action

7 February 2019 · Introduced

Status

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.

Summary

Flat Tax Act 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. 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. "Business taxable income" is gross active income reduced by certain deductions for the cost of business inputs, wages, and retirement contributions. 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. The bill also repeals the estate, gift, and generation-skipping transfer taxes. 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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

7 February 2019
Introduced
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.
Source: IntroReferral
7 February 2019
Introduced
Introduced in House
Source: IntroReferral
7 February 2019
Introduced
Introduced in House
Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Introduced in House · 7 February 2019 · Download file

Documents

3 official files

Introduced in House (text)

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Introduced in House (text)
Introduced in House · EN · 7 February 2019
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Introduced in House (PDF)
Introduced in House · EN · 7 February 2019
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Introduced in House
summary · EN · 7 February 2019
Open at official source
Leesvertaling
Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.
Vertaal naar
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Related records

related to → Flat Tax Act
related to ← Flat Tax Act

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.

Official source: https://www.congress.gov/bill/116th-congress/house-bill/1040
Open data entity: https://api.congress.gov/v3/bill/116/hr/1040
us · 116-hr-1040 · source updated 7 April 2025