A bill to amend the Internal Revenue Code of 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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Timeline

1. 2 April 1993

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 2 April 1993

   Introduced

   Sponsor introductory remarks on measure. (CR S4430)

   Source: IntroReferral

3. 2 April 1993

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 2 April 1993 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 2 April 1993

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 2 April 1993

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 2 April 1993

  Open at official source

Sponsors

• Sen. DeConcini, Dennis [D-AZ] · D · Sponsor
• · ssfi00 · Standing

Related records

No cross-record relationships stored yet.