Skip to main content
S 1111 110th Congress Senate

Fair Flat Tax Act of 2007

Official title: A bill to amend the Internal Revenue Code of 1986 to make the Federal income tax system simpler, fairer, and more fiscally responsible, and for other purposes.

Introduced: April 16, 2007 Introduced by: Wyden, Ron Democratic · Oregon See on congress.gov
Taxation Capital gains taxCommerceCorporation taxesDividends
More subjectsShow fewer subjects
Earned income tax creditEnergyFamiliesFinance and Financial SectorFlat-rate taxForeign corporationsHealthHealth insuranceIncome taxLawMinimum taxPetroleum industryProperty taxPunitive damagesSales taxSocial WelfareTax administrationTax creditsTax deductionsTax evasionTax exclusionTax penaltiesTax ratesTax refundsTaxation of foreign income
Sign in to write a letter Sign in to watch
This bill died when the 110th Congress ended
It never became law before the 110th Congress (2007–2008) 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
Apr 16, 2007
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4481-4490)
Apr 16, 2007
Sponsor introductory remarks on measure. (CR S4480-4481)
Apr 16, 2007
Introduced in Senate
 Ask about this bill AI · grounded in the bill text

Have a question about what this bill does? Ask in plain English; the answer is drawn from the bill's actual text and official record, and it'll tell you when something isn't in the text rather than guess.

AI answers can be imperfect; always confirm against the full bill text.

 Latest action April 16, 2007

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4481-4490)

 Plain-English summary Congressional Research Service

Fair Flat Tax Act of 2007 - 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) allow a health care standard deduction and 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 for individual taxpayers; and (7) repeal certain tax credits, deductions, and exclusions after 2007.

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 domestic and foreign corporations and large oil companies.

Increases or imposes new penalties for understatements of tax, failure to report tax information, and failure to file tax returns or pay tax.

Sets forth rules for the application of the economic substance doctrine to transactions with tax significance. Imposes penalties for underpayments of tax due to transactions lacking economic substance.

Denies a tax deduction for payment of punitive damages.

Terminates this Act after 2012.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
Cite this page click to expand
APA
U.S. Congress. (2026). S. 1111: Fair Flat Tax Act of 2007. 110th Congress. Open America. https://openamerica.io/bill/110-S-1111/
MLA
"S. 1111: Fair Flat Tax Act of 2007." 110th Congress, 2026, Open America, https://openamerica.io/bill/110-S-1111/.
Bluebook (legal)
S. 1111, 110th Cong. (2026), https://openamerica.io/bill/110-S-1111/.
Markdown link
[S. 1111: Fair Flat Tax Act of 2007](https://openamerica.io/bill/110-S-1111/)
Report a problem