Flat Rate Tax Act of 1985

Summary

Flat Rate Tax Act of 1985 - Amends the Internal Revenue Code to impose a ten-percent tax rate on the taxable income of every individual (including any estate and trust). Increases the amount of the personal exemption from $1,000 to $2,000. Disallows income tax credits except the credit for tax withheld on wages. Repeals the minimum tax for taxpayers other than corporations. Disallows exclusions from gross income except for: (1) social security benefits; (2) veterans' benefits; and (3) interest on certain governmental securities. Disallows income tax deductions except for: (1) personal exemptions; (2) charitable contributions; (3) interest incurred for a principal residence or for investment property; (4) State and local income and real property taxes; and (5) trade and business expenses.

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

Timeline

1. 3 January 1985

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 3 January 1985

   Introduced

   Introduced in House

   Source: IntroReferral

3. 3 January 1985

   Introduced

   Introduced in House

   Source: IntroReferral

4. 27 February 1985

   Committee

   Committee Hearings Held.

   Source: Committee

5. 26 March 1985

   Committee

   Committee Hearings Held.

   Source: Committee

Votes

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Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 3 January 1985

  Open at official source

Sponsors

• Rep. Quillen, James H. (Jimmy) [R-TN-1] · R · Sponsor
• · hswm00 · Standing

Related records

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