Fair Tax Act of 2003

Summary

Fair Tax Act of 2003 - Amends the Internal Revenue Code to repeal subtitle A (Income Taxes), B (Estate and Gift Taxes), and C (Employment Taxes) of the Internal Revenue Code. Imposes a tax on the use or consumption in the United States of taxable property or services. Sets the tax rate at 23 percent for the calendar year 2005. Sets the rate, for years after 2005, at the combined sum of the general revenue rate (14.91 percent), the old-age survivors and disability rate, and the hospital insurance rate. Sets forth provisions concerning, among other things; (1) imports and exports; (2) definitions; (3) credits and refunds; (4) a "family consumption allowance"; (5) Federal and State cooperative tax administration; (6) administrative matters; (7) collections, appeals, and taxpayer rights; (8) special rules (hobbies, gaming, government purchases, non-profits, and etc.); (9) financial intermediation services; and (10) additional matters. Sets forth provisions concerning the: (1) phase-out of administration of repealed taxes; (2) administration of other taxes (establishes an Excise Tax Bureau and a Sales Tax Bureau); and (3) sales tax inclusive social security benefits indexation.

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

Timeline

1. 30 July 2003

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 30 July 2003

   Introduced

   Sponsor introductory remarks on measure. (CR S10269)

   Source: IntroReferral

3. 30 July 2003

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 30 July 2003 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 30 July 2003

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 30 July 2003

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 30 July 2003

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Chambliss, Saxby [R-GA] · R · Sponsor
• Sen. Miller, Zell [D-GA] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Fair Tax Act of 2003