Fair Tax Act of 2015

Summary

Fair Tax Act of 2015 This bill is a tax reform proposal that imposes a national sales tax on the use or consumption in the United States of taxable property or services in lieu of the current income and corporate income tax, employment and self-employment taxes, and estate and gift taxes. The rate of the sales tax will be 23% in 2017, with adjustments to the rate in subsequent years. There are exemptions from the tax for used and intangible property, for property or services purchased for business, export, or investment purposes, and for state government functions. Under the bill, family members who are lawful U.S. residents receive a monthly sales tax rebate (Family Consumption Allowance) based upon criteria related to family size and poverty guidelines. The states have the responsibility for administering, collecting, and remitting the sales tax to the Treasury. Tax revenues are to be allocated among: (1) the general revenue, (2) the old-age and survivors insurance trust fund, (3) the disability insurance trust fund, (4) the hospital insurance trust fund, and (5) the federal supplementary medical insurance trust fund. No funding is allowed for the operations of the Internal Revenue Service after FY2019. Finally, the bill terminates the national sales tax if the Sixteenth Amendment to the Constitution (authorizing an income tax) is not repealed within seven years after the enactment of this Act.

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Timeline

1. 13 January 2015

   Introduced

   Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S552-553)

   Source: IntroReferral

2. 13 January 2015

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 13 January 2015 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 13 January 2015

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 13 January 2015

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 13 January 2015

  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. Moran, Jerry [R-KS] · R · Sponsor
• Sen. Perdue, David [R-GA] · R · Sponsor
• Sen. Isakson, Johnny [R-GA] · R · Sponsor
• Sen. Roberts, Pat [R-KS] · R · Cosponsor
• Sen. Inhofe, James M. [R-OK] · R · Cosponsor
• Sen. Cruz, Ted [R-TX] · R · Cosponsor
• Sen. Lankford, James [R-OK] · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to → FairTax Act of 2015
• related to → Fair Tax Act of 2017