S. 1927 (109th): Fair Flat Tax Act of 2005

Introduced:
Oct 27, 2005 (109th Congress, 2005–2006)
Sponsor:
Sen. Ron Wyden [D-OR]
Status:
Died (Referred to Committee)
See Instead:
This bill was re-introduced as S. 1111 (110th) on Apr 16, 2007.

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

(About Ads | Advertise Here)
Status

This bill was introduced on October 27, 2005, in a previous session of Congress, but was not enacted.

Progress
Introduced Oct 27, 2005
Referred to Committee Oct 27, 2005
Cosponsors
none
Committees

Senate Finance

The committee chair determines whether a bill will move past the committee stage.

Full Title

A bill to amend the Internal Revenue Code of 1986 to make the Federal income tax system simpler, fairer, and more fiscally responsible, and for other purposes.

Summary

No summaries available.

Text

Read Bill Text »

Last updated Oct 27, 2005.
28 pages

Primary Source

View on THOMAS (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here.

Citation

Click a format for a citation suggestion:

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

10/27/2005--Introduced.
Fair Flat Tax Act of 2005 - Amends the Internal Revenue Code with respect to individual taxpayers to:
(1) reduce to three (15, 25, and 35%) the number of income tax brackets for married and single taxpayers;
(2) repeal tax rate reductions for capital gains and dividend income;
(3) increase the basic standard tax deduction;
(4) allow a refundable tax credit for state and local income, sales, and real and personal property taxes;
(5) revise the earned income and child tax credits for taxpayers with no children;
(6) repeal the alternative minimum tax; and
(7) repeal certain tax credits, deductions, and exclusions after 2005.
Imposes a flat tax of 35 percent on corporate taxable income.
Allows a limited tax deduction for use of a corporate aircraft.
Terminates certain preferential tax provisions for corporations.
Requires the Secretary of the Treasury to report to Congress on:
(1) the elimination of tax benefits that subsidize inefficiencies in the health care system; and
(2) reform of business pass-through entities.
Terminates this Act after 2010.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

The bill contains the following citations to other parts of U.S. law:

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)