S.173: SMART Act

About this Bill

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Sponsor Richard C. Shelby, R-Ala.
Total Cosponsors 0
Introduced Jan. 29, 2013
Latest Major Action Jan. 29, 2013
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Bill Progress

  • Bill introduced in the Senate   
  • Bill passed in the Senate   
  • Bill passed in the House   
  • Bill signed into law

Bill Summary

Simplified, Manageable, And Responsible Tax Act or the SMART Act - Amends the Internal Revenue Code to replace the marginal income tax rates with a single rate of 17% on individual taxable income.

Redefines "taxable income" to mean the amount by which wages, retirement distributions, and unemployment compensation exceed the standard deduction. Increases the basic standard deduction and includes an additional standard deduction for dependents. Includes in taxable income the taxable income of each dependent child under the age of 14.

Replaces the current tax on corporations with a tax on every person engaged in a business activity equal to 17% of the business taxable income of such person. Makes the person engaged in the business activity liable for the tax, whether or not such person is an individual, a partnership, or a corporation.

Imposes a tax of 17% on the value of excludable compensation provided during the year by an employer for the benefit of employees. Makes the em...

(Source: Congressional Research Service)

Bill Actions

Date Description
Jan. 29, 2013 Read twice and referred to the Committee on Finance.