Fair Flat Tax Act of 2005

Summary

Fair Flat Tax Act of 2005 - Amends the Internal Revenue Code with respect to individual taxpayers to: (1) reduce to three (15, 25, and 35%) the number of income tax brackets for married and single taxpayers; (2) repeal tax rate reductions for capital gains and dividend income; (3) increase the basic standard tax deduction; (4) allow a refundable tax credit for state and local income, sales, and real and personal property taxes; (5) revise the earned income and child tax credits for taxpayers with no children; (6) repeal the alternative minimum tax; and (7) repeal certain tax credits, deductions, and exclusions after 2005. Imposes a flat tax of 35 percent on corporate taxable income. Allows a limited tax deduction for use of a corporate aircraft. Terminates certain preferential tax provisions for corporations. Requires the Secretary of the Treasury to report to Congress on: (1) the elimination of tax benefits that subsidize inefficiencies in the health care system; and (2) reform of business pass-through entities. Terminates this Act after 2010.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 27 October 2005

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 27 October 2005

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• Introduced in Senate

  summary · EN · 27 October 2005

  Open at official source

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