To amend the Internal Revenue Code of 1986 to impose a flat tax only on the earned income of individuals and on business taxable income, and for other purposes.

Summary

Amends the Internal Revenue Code to impose a 20 percent tax on the taxable earned income of every individual. Bases such amount on the standard, charitable gifts, and residence interest deductions. (Replaces current income tax procedures for individuals.) Increases the basic standard deduction and includes an additional standard deduction (limited to dependents only), with inflation adjustments. Limits the deduction for interest paid on a home mortgage to the amount of acquisition indebtedness, with limitations. Replaces the current tax on corporations with a tax on every person engaged in a business activity equal to 20 percent of the business taxable income of such person. Makes the person engaged in the business activity liable for the tax.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 8 November 1997

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• Introduced in House (PDF)

  Introduced in House · EN · 8 November 1997

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• Introduced in House

  summary · EN · 8 November 1997

  Open at official source

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