To amend the Internal Revenue Code to establish a flat tax, and for other purposes.

Summary

This bill imposes a 15% flat tax on the taxable income of each individual taxpayer. It defines taxable income as the excess of the sum of wages, taxable retirement distributions, plus unemployment compensation, over the standard deduction. The bill also imposes a 15% flat tax on business taxable income and on noncash compensation provided to employees not engaged in business activity. The bill repeals various existing tax provisions, including the alternative minimum tax, certain tax credits, and estate and gift taxes.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 22 December 2022

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• Introduced in House (PDF)

  Introduced in House · EN · 22 December 2022

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 22 December 2022

  Open at official source

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