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S 3087 106th Congress Senate Taxation Business income tax Commerce Dividends Families Finance and Financial Sector Home ownership Housing and Community Development Income tax Interest Labor and Employment Married people Minimum tax Personal income tax Self-employed Small business Tax credits Tax deductions Tax exclusion Tax exemption

Fair and Simple Shortcut Tax Plan

Introduced: September 21, 2000 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 21, 2000
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S8949-8952)
Sep 21, 2000
Sponsor introductory remarks on measure. (CR S8949)
Sep 21, 2000
Introduced in Senate
 Plain-English summary Congressional Research Service
Fair and Simple Shortcut Tax Plan - Title I: Fair and Simple Shortcut Tax Plan - Amends the Internal Revenue Code to permit an electing individual to be subject to a 15 percent tax on wage income through a tax return free filing system.

Permits individuals, as deductions under such system, only the standard deduction, the deduction for personal exemptions, and the homeowner expense deduction.

Permits individuals, as credits under such system, only the child tax credit, the earned income credit, and the credit for overpayment of tax.

Allows a limited Fair and Simple Shortcut Tax plan start-up credit for employers.

Title II: Provisions to Simplify the Tax Code - Makes the standard deduction on a joint return twice that of a single return.

Increases the alternative minimum tax exemption amount for self-employment income.

Allows a limited nonrefundable credit for tax preparation expenses.

Permits, for individuals not making the election under title I, a limited exclusion from income for interest and dividends.

What's happening now September 21, 2000

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S8949-8952)

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1