A bill to amend the Internal Revenue Code of 1954 to implement a flat rate tax system.

Summary

Amends the Internal Revenue Code to provide for a flat rate of tax of 19 percent on both individual and business income. Sets forth rules for the computation of individual taxable income and business taxable income. Allows for specified personal allowances in the computation of individual taxable income. Defines a "business" as any sole proprietorship, partnership, or corporation. Exempts State and local governments and certain charitable organizations from the business tax. Provides for the withholding of employee income tax.

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Timeline

1. 31 January 1985

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 31 January 1985

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 11 February 1985

   Committee

   Committee on Finance requested executive comment from OMB, Treasury Department.

   Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 31 January 1985

  Open at official source

Sponsors

• Sen. DeConcini, Dennis [D-AZ] · D · Sponsor
• Rep. Symms, Steven D. [R-ID-1] · R · Sponsor
• Sen. Humphrey, Gordon J. [R-NH] · R · Cosponsor
• · ssfi00 · Standing

Related records

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