US Congress House Bill 1040 (Prior Session Legislation)

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Sponsorship: Partisan Bill (Republican 12)
Status: Introduced on March 11 2013 - 25% progression, died in committee
Action: 2013-03-11 - Referred to House Rules
Pending: House Rules Committee
Text: Latest bill text (Introduced) [PDF]

Flat Tax Act - Amends the Internal Revenue Code to authorize an individual or a person engaged in business activity to make an irrevocable election to be subject to a flat tax (in lieu of the existing income tax provisions) of 19% for the first two years after an election is made, and 17% thereafter. Calculates taxable income for individual taxpayers by subtracting a basic standard deduction and an additional standard deduction for each dependent from the total of wages, retirement distributions, and unemployment compensation. Defines "business taxable income" to mean gross active income reduced by the cost of certain business inputs. Imposes an employer tax on the value of excludable compensation provided to employees not engaged in business activity of 19% for the first two years after an election is made under this Act and 17% thereafter. Repeals the estate, gift, and generation-skipping transfer taxes. Requires a two-thirds vote of the House of Representatives or the Senate to increase the flat tax rate proposed by this Act or to reduce the amount of the standard deduction or business-related deductions allowed by this Act.

Flat Tax Act

Rep. Michael Burgess [R-TX]	Rep. Rob Bishop [R-UT]	Rep. Tom Cole [R-OK]	Rep. Randy Forbes [R-VA]
Rep. Ralph Hall [R-TX]	Rep. Andy Harris [R-MD]	Rep. Walter Jones [R-NC]	Rep. Doug LaMalfa [R-CA]
Rep. Jeff Miller [R-FL]	Rep. David Roe [R-TN]	Rep. Thomas Rooney [R-FL]	Rep. Dennis Ross [R-FL]

Date	Chamber	Action
2013-03-11	House	Referred to House Rules
2013-03-11	House	Referred to House Ways and Means
2013-03-11	House	Referred to the Committee on Ways and Means, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

HB147 (Related) 2013-01-03 - Referred to the House Committee on Ways and Means.
HB177 (Related) 2013-01-04 - Referred to the House Committee on Ways and Means.
HB483 (Related) 2013-02-04 - Referred to the House Committee on Ways and Means.
HB2373 (Related) 2013-06-14 - Referred to the House Committee on Ways and Means.
SB1402 (Related) 2013-07-31 - Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S6129)

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/house-bill/1040/all-info
Text	https://www.congress.gov/113/bills/hr1040/BILLS-113hr1040ih.pdf