S. 1111 (110th): Fair Flat Tax Act of 2007

Introduced:
Apr 16, 2007 (110th Congress, 2007–2009)
Status:
Died (Referred to Committee) in a previous session of Congress

This bill was introduced on April 16, 2007, in a previous session of Congress, but was not enacted.

Introduced
Apr 16, 2007
 
Sponsor
Ron Wyden
Senator from Oregon
Party
Democrat
Text
Read Text »
Last Updated
Apr 16, 2007
Length
88 pages
Related Bills
S. 1927 (109th) was a previous version of this bill.

Referred to Committee
Last Action: Oct 27, 2005

 
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.

 
Cosponsors
none
Committees

Senate Finance

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

 
Primary Source

THOMAS.gov (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. Data comes via the congress project.

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Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

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.


4/16/2007--Introduced.
Fair Flat Tax Act of 2007 - 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) allow a health care standard deduction and 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 for individual taxpayers; and
(7) repeal certain tax credits, deductions, and exclusions after 2007.
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 domestic and foreign corporations and large oil companies.
Increases or imposes new penalties for understatements of tax, failure to report tax information, and failure to file tax returns or pay tax.
Sets forth rules for the application of the economic substance doctrine to transactions with tax significance. Imposes penalties for underpayments of tax due to transactions lacking economic substance.
Denies a tax deduction for payment of punitive damages.
Terminates this Act after 2012.

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.

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