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- S.907
S.907: Flat Tax Act of 2003
About This Bill
- This bill was introduced in the 108th Congress
- This bill is primarily about taxation
- Introduced April 11, 2003
- Latest Major Action April 11, 2003
- See the five similar bills introduced in other congresses.
Bill Sponsor
Bill Summary
Flat Tax Act of 2003 - Amends the Internal Revenue Code to repeal current tax provisions for individuals and businesses and replace them with provisions for a flat tax of 20 percent of the income of individuals and businesses.Allows an individual: (1) a standard deduction, with an inflation adjustment; (2) limited charitable contribution deductions; and (3) a limited deduction for home acquisition indebtedness.Allows deductions to a business...
(Source: Library of Congress)
Bill Actions
| Date | Description |
|---|---|
|
Read twice and referred to the Committee on Finance.
|
|
| April 11, 2003 |
Introduced in the Senate by Arlen Specter (D-Pa.) |