Flat Tax Act of 1997

Summary

Flat Tax Act of 1997 - Amends the Internal Revenue Code to repeal current tax provisions for individuals and businesses and replace them with provisions for a flat tax of 20 percent of the income of individuals and businesses. Allows, for an individual, for: (1) a standard deduction, with an inflation adjustment; (2) limited charitable contribution deductions; and (3) a limited deduction for home acquisition indebtedness. Allows deductions to a business for: (1) the cost of business inputs (the cost of specified goods, services, travel, entertainment, and lobbying and political expenditures); (2) compensation paid to employees; and (3) the cost of personal and real property used in business activities. Repeals the estate, gift, and generation-skipping taxes. Repeals provisions concerning: (1) the financing of presidential elections; and (2) coal industry health benefits.

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

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

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

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 16 April 1997

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 16 April 1997

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 16 April 1997

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.