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United States · Bill · S

S. 551 (107th)

Fair and Simple Shortcut Tax Plan

referredUnited States· United States Congress· EN

Introduced

15 March 2001

Last action

15 March 2001 · Introduced

Status

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2405-2408)

Sponsors

Sen. Dorgan, Byron L. [D-ND], Sen. Gregg, Judd [R-NH], Sen. Durbin, Richard J. [D-IL]

Subjects

Taxation

Source updated

19 August 2025

Taxation

Official sourceDownload fileView documentsShare

Summary

Fair and Simple Shortcut Tax Plan - Amends the Internal Revenue Code to permit an electing individual to be subject to a 15 percent tax on wage income through a tax return free filing system. Permits individuals, as deductions under such system, only the standard deduction, the deduction for personal exemptions, and the homeowner expense deduction. Permits individuals, as credits under such system, only the child tax credit, the earned income credit, and the credit for overpayment of tax. Allows a limited Fair and Simple Shortcut Tax plan start-up credit for employers. Makes the standard deduction on a joint return twice that of a single return. Increases the alternative minimum tax exemption amount for self-employment income. Allows a limited nonrefundable credit for tax preparation expenses. Permits, for individuals not making the election under title I, a limited exclusion from income for interest and dividends.

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

Timeline

  1. 15 March 2001

    Introduced

    Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2405-2408)

    Source: IntroReferral

  2. 15 March 2001

    Introduced

    Sponsor introductory remarks on measure. (CR S2404-2405)

    Source: IntroReferral

  3. 15 March 2001

    Introduced

    Introduced in Senate

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Introduced in Senate (text)

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  • Introduced in Senate (text)

    Introduced in Senate · EN · 15 March 2001

    ViewDownloadOpen at official source

  • Introduced in Senate (PDF)

    Introduced in Senate · EN · 15 March 2001

    ViewDownloadOpen at official source

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  • Introduced in Senate

    summary · EN · 15 March 2001

    Open at official source

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Sponsors

Related records

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Sources

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