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S 551 107th Congress Senate

Fair and Simple Shortcut Tax Plan

Official title: A bill to amend the Internal Revenue Code of 1986 to simplify the individual income tax by providing an election for eligible individuals to only be subject to… Show full official titleShow less

Official title: A bill to amend the Internal Revenue Code of 1986 to simplify the individual income tax by providing an election for eligible individuals to only be subject to a 15 percent tax on wage income with a tax return free filing system, to reduce the burdens of the marriage penalty and alternative minimum tax, and for other purposes.

Introduced: March 15, 2001 See on congress.gov
Taxation Business income taxCommerceCost of living adjustmentsDividends
More subjectsShow fewer subjects
Earned income tax creditEconomics and Public FinanceFamiliesFinance and Financial SectorHome ownershipHousing and Community DevelopmentHousing financeIncome taxIndexing (Economic policy)InterestLabor and EmploymentMarried peopleMinimum taxPersonal income taxSelf-employedSmall businessSocial WelfareTax creditsTax cutsTax deductionsTax exclusionTax exemptionTax preparersTax ratesTax returnsTax simplificationWithholding tax
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This bill died when the 107th Congress ended
It never became law before the 107th Congress (2001–2002) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 15, 2001
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2405-2408)
Mar 15, 2001
Sponsor introductory remarks on measure. (CR S2404-2405)
Mar 15, 2001
Introduced in Senate
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 Latest action March 15, 2001

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2405-2408)

 Plain-English summary Congressional Research Service
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.

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.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1
D
Durbin, Richard J.
Illinois · Mar 15, 2001
Cite this page click to expand
APA
U.S. Congress. (2026). S. 551: Fair and Simple Shortcut Tax Plan. 107th Congress. Open America. https://openamerica.io/bill/107-S-551/
MLA
"S. 551: Fair and Simple Shortcut Tax Plan." 107th Congress, 2026, Open America, https://openamerica.io/bill/107-S-551/.
Bluebook (legal)
S. 551, 107th Cong. (2026), https://openamerica.io/bill/107-S-551/.
Markdown link
[S. 551: Fair and Simple Shortcut Tax Plan](https://openamerica.io/bill/107-S-551/)
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