S. 820 (112th): Simplified, Manageable, And Responsible Tax Act

Introduced:
Apr 14, 2011 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee)
Sponsor
Richard Shelby
Senior Senator from Alabama
Party
Republican
Text
Read Text »
Last Updated
Apr 14, 2011
Length
22 pages
Related Bills
S. 932 (111th) was a previous version of this bill.

Referred to Committee
Last Action: Apr 30, 2009

S. 173 (113th) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: Jan 29, 2013

 
Status

This bill was introduced on April 14, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced Apr 14, 2011
Referred to Committee Apr 14, 2011
 
Full Title

A bill to repeal the current Internal Revenue Code and replace it with a flat tax, thereby guaranteeing economic growth and greater fairness for all Americans.

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.


4/14/2011--Introduced.
Simplified, Manageable, And Responsible Tax Act or the SMART Act - Amends the Internal Revenue Code to replace the marginal income tax rates with a single rate of 17% on individual taxable income.
Redefines "taxable income" to mean the amount by which wages, retirement distributions, and unemployment compensation exceed the standard deduction.
Increases the basic standard deduction and includes an additional standard deduction for dependents.
Includes in taxable income the taxable income of each dependent child under the age of 14.
Replaces the current tax on corporations with a tax on every person engaged in a business activity equal to 17% of the business taxable income of such person.
Makes the person engaged in the business activity liable for the tax, whether or not such person is an individual, a partnership, or a corporation.
Imposes a tax of 17% on the value of excludable compensation provided during the year by an employer for the benefit of employees.
Makes the employer liable for the tax.
Repeals pension plan rules relating to :
(1) non-discrimination,
(2) contribution limits, and
(3) restrictions on distributions.
Revises rules relating to transfers of excess pension assets.
Repeals:
(1) the alternative minimum tax;
(2) all income tax credits;
(3) estate, gift, and generation-skipping transfer taxes; and
(4) income tax provisions, except certain provisions relating to retirement distributions and tax-exempt organizations.
Declares it not in order in the House of Representatives or the Senate, unless waived or suspended by a three-fifths vote, to consider any legislation that increases or adds an income tax rate, reduces the standard deduction, or provides any exclusion, deduction, credit, or other benefit that reduces federal revenues.

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

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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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