Fair Flat Tax Act of 2005
Latest action · Nov 1, 2005 Sponsor introductory remarks on measure. (CR S12146-12148)
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.
- IntroducedOct 27, 2005
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors
Members who signed on, in the order they did.
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred Oct 27, 2005 |
Actions 4
Everything that happened, newest first.
- Nov 1, 2005Sponsor introductory remarks on measure. (CR S12146-12148)
- Oct 27, 2005Introduced in Senate
- Oct 27, 2005Sponsor introductory remarks on measure. (CR S12009-12010)
- Oct 27, 2005Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S12010-12013)
In the Congressional Record 6
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Senate | Debate and remarks S6617 | Ron Wyden D-OR | Jun 28, 2006 |
| Senate | Debate and remarks S4400 | Ron Wyden D-OR | May 11, 2006 |
| Senate | Debate and remarks S1323–S1325 | Richard J. Durbin D-IL, Ron Wyden D-OR | Feb 15, 2006 |
| Senate | Debate and remarks S356–S358 | Ron Wyden D-OR | Jan 31, 2006 |
| Senate | Debate and remarks S12146–S12148 | Ron Wyden D-OR | Nov 1, 2005 |
| Senate | Debate and remarks S12009Text printed S12010–S12013 | Ron Wyden D-OR (text) | Oct 27, 2005 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| S. Hrg. 109-649 | CONCURRENT RESOLUTION ON THE BUDGET FISCAL YEAR 2007527 pages | Budget Committee | Feb 2, 2006–Mar 2, 2006 |
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| RL34115 | Reform of U.S. International Taxation: Alternatives Archived | Report | Aug 1, 2017 |
Related bills 4
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 812 | Flat Tax Act of 2005 | Related bill | Apr 15, 2005 |
| HR 1040 | Freedom Flat Tax Act | Related bill | Mar 2, 2005 |
| S 1099 | Tax Simplification Act of 2005 | Related bill | May 23, 2005 |
| HR 5176 | Fair Flat Tax Act of 2006 | Related bill | Apr 25, 2006 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- 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.
- Short Titles as Introduced
- Fair Flat Tax Act of 2005
Subjects
Assigned by the Library of Congress. Policy area: 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 corporations
- Foreign Trade and International Finance
- Government Operations and Politics
- Government paperwork
- Health
- Health insurance
- Income tax
- Intergovernmental tax relations
- Local taxation
- Minimum tax
- Nuclear facilities
- Private aviation
- Property tax
- Sales tax
- Social Welfare
- State taxation
- Subsidies
- Tax credits
- Tax deductions
- Tax evasion
- Tax exclusion
- Tax preferences
- Tax rates
- Tax refunds
- Tax simplification
- Taxation
- Taxation of foreign income
- Transportation and Public Works
Text 1
Each version as it was printed, newest first.
- Oct 27, 2005Introduced in Senate
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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.