Bill Summary & Status for the 106th Congress

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S.822
Sponsor: Sen Specter, Arlen (introduced 4/15/1999)
Latest Major Action: 4/15/1999 Referred to Senate committee
Title: A bill to amend the Internal Revenue Code of 1986 to impose a flat tax only on individual taxable earned income and business taxable income, and for other purposes.
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TITLE(S):  (italics indicate a title for a portion of a bill)
STATUS: (color indicates Senate actions) (Floor Actions/Congressional Record Page References)
4/15/1999:
Read twice and referred to the Committee on Finance.
COMMITTEE(S):
RELATED BILL DETAILS:

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AMENDMENT(S):

***NONE***

COSPONSOR(S):

***NONE***

SUMMARY AS OF:
4/15/1999--Introduced.

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.