Fair and Simple Shortcut Tax Plan
Latest action · Mar 15, 2001 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2405-2408)
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 15, 2001
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors 2
Members who signed on, in the order they did. All signed on Mar 15, 2001.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-NH | Judd Gregg | Original | Mar 15, 2001 |
| D-IL | Richard J. Durbin | Original | Mar 15, 2001 |
Actions 3
Everything that happened, newest first.
- Mar 15, 2001Introduced in Senate
- Mar 15, 2001Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S2405-2408)
- Mar 15, 2001Sponsor introductory remarks on measure. (CR S2404-2405)
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Business income tax
- Commerce
- Cost of living adjustments
- Dividends
- Earned income tax credit
- Economics and Public Finance
- Families
- Finance and Financial Sector
- Home ownership
- Housing and Community Development
- Housing finance
- Income tax
- Indexing (Economic policy)
- Interest
- Labor and Employment
- Married people
- Minimum tax
- Personal income tax
- Self-employed
- Small business
- Social Welfare
- Tax credits
- Tax cuts
- Tax deductions
- Tax exclusion
- Tax exemption
- Tax preparers
- Tax rates
- Tax returns
- Tax simplification
- Taxation
- Withholding tax
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.