Flat Tax Rate Act

Bill: 113-hr-5882
Sponsor: full_name: Rep. Stockman, Steve [R-TX-36]
Introduced: 2014-12-11
Policy area: Taxation
Subjects: Income tax deductions

Income tax rates

Tax reform and tax simplification

Tax treatment of families
Latest action: action_date: 2014-12-11
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2014-12-11
action_desc: Introduced in House
text: <p>Flat Tax Rate Act - Imposes a federal income tax rate of 15% on all income of all U.S. citizens, regardless of annual income or current economic standing. Allows exemptions for single and joint tax return filers and for each child of a taxpayer up to the age of 18. </p>

tv_txt: I 113th CONGRESS 2d Session H. R. 5882 IN THE HOUSE OF REPRESENTATIVES December 11, 2014 Mr. Stockman introduced the following bill; which was referred to the Committee on Ways and Means A BILL To make an Income Tax that is a flat 15 percent for all American citizens.

1. Short title This Act may be cited as the Flat Tax Rate Act . 2. Tax Rate The Federal Income Tax Rate shall be 15 percent for all U.S. citizens. (1) The citizen’s annual income or current economic standing shall not matter. (2) All individuals shall pay a flat rate of 15 percent on all income, except in cases where the individual or individuals comply with the exemptions listed in section 3. 3. Exemptions to Tax Rate The exemptions of the tax shall include: (1) There shall be a $10,000 deduction for those filing singly, and a $20,000 deduction for couples filing jointly. (2) For each child, up to the age of 18, there shall be a $3,000 deduction.