A bill to amend the Internal Revenue Code to 1986 to provide a simplified tax on all income, and for other purposes.

Summary

Amends the Internal Revenue Code to provide for a simplified income tax. Allows a personal allowance of $4,000 for the taxpayer, spouse (if filing jointly), and each dependent. Adjusts such amount for inflation each year. Imposes a nonbusiness tax on each person (reduced by the amount of the personal allowance) of 15 percent of income that does not exceed the limit, plus 25 percent of income that exceeds the limit. Specifies that limit as: (1) $100,000 for married taxpayers filing jointly, heads of household, and surviving spouses; and (2) $50,000 for any other taxpayer. Imposes a tax on each business of 19 percent of taxable income, or zero if such income is negative. Allows the carryforward of losses. Specifies tax-exempt organizations as: (1) State and local governments; and (2) educational, religious, charitable, philanthropic, cultural, and community service organizations that do not return income to individual or corporate owners. Provides for tax withholding.

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Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 5 February 1992

  Open at official source

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