H.R. 1040: Flat Tax Act

Introduced:
Mar 11, 2013 (113th Congress, 2013–2015)
Sponsor:
Rep. Michael Burgess [R-TX26]
Status:
Referred to Committee

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was assigned to a congressional committee on March 11, 2013, which will consider it before possibly sending it on to the House or Senate as a whole.

Progress
Introduced Mar 11, 2013
Referred to Committee Mar 11, 2013
Reported by Committee ...
Passed House ...
Passed Senate ...
Signed by the President ...
Prognosis

4% chance of getting past committee.
0% chance of being enacted.

Only 11% of House bills made it past committee and only 3% were enacted in 2011–2013. [show factors | methodology]

Cosponsors
9 cosponsors (9R) (show)
Committees

House Rules

House Ways and Means

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

Full Title

To amend the Internal Revenue Code of 1986 to provide taxpayers a flat tax alternative to the current income tax system.

Summary

No summaries available.

Text

Read Bill Text »

Last updated Mar 11, 2013.
17 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

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

3/11/2013--Introduced.
Flat Tax Act - Amends the Internal Revenue Code to authorize an individual or a person engaged in business activity to make an irrevocable election to be subject to a flat tax (in lieu of the existing income tax provisions) of 19% for the first two years after an election is made, and 17% thereafter.
Calculates taxable income for individual taxpayers by subtracting a basic standard deduction and an additional standard deduction for each dependent from the total of wages, retirement distributions, and unemployment compensation.
Defines "business taxable income" to mean gross active income reduced by the cost of certain business inputs.
Imposes an employer tax on the value of excludable compensation provided to employees not engaged in business activity of 19% for the first two years after an election is made under this Act and 17% thereafter.
Repeals the estate, gift, and generation-skipping transfer taxes.
Requires a two-thirds vote of the House of Representatives or the Senate to increase the flat tax rate proposed by this Act or to reduce the amount of the standard deduction or business-related deductions allowed by this Act.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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