Flat Tax Act of 1999

Summary

Flat Tax Act of 1999 - 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 transfer taxes. Repeals provisions concerning: (1) the financing of presidential elections; and (2) coal industry health benefits.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 15 April 1999

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 15 April 1999

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• Introduced in Senate

  summary · EN · 15 April 1999

  Open at official source

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