Skip to main content
S 1927 109th Congress Senate Taxation Business travel Capital gains tax Commerce Congress Congressional reporting requirements Corporation taxes Depreciation and amortization Dividends Earned income tax credit Energy Families Finance and Financial Sector Flat-rate tax Foreign Trade and International Finance Foreign corporations Government Operations and Politics Government paperwork Health Health insurance

Fair Flat Tax Act of 2005

Introduced: October 27, 2005 Introduced by: Wyden, Ron Democratic · Oregon See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 1, 2005
Sponsor introductory remarks on measure. (CR S12146-12148)
Oct 27, 2005
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S12010-12013)
Oct 27, 2005
Sponsor introductory remarks on measure. (CR S12009-12010)
Oct 27, 2005
Introduced in Senate
 Plain-English summary Congressional Research Service

Fair Flat Tax Act of 2005 - 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) 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; and (7) repeal certain tax credits, deductions, and exclusions after 2005.

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 corporations.

Requires the Secretary of the Treasury to report to Congress on: (1) the elimination of tax benefits that subsidize inefficiencies in the health care system; and (2) reform of business pass-through entities.

Terminates this Act after 2010.

What's happening now November 1, 2005

Sponsor introductory remarks on measure. (CR S12146-12148)

 Committees of jurisdiction 1