flat tax bill Essay -- essays research papers

106th Congress IN THE HOUSE OF REPRESENTATIVES ___________________________Introduced the following bill in which was referred to the Committee on _______________ A BILL To tax income once and only once at a single rate. 1. Be it enacted by the Senate and the House of Representatives of the 2. United States of America in Congress assembled. 3. SECTION 1. THE TITLE 4. This Act may be cited as the â€Å" Flat Tax Bill.† 5. SECTION 2. THE BILL 6.  Ã‚  Ã‚  Ã‚  Ã‚   The flat tax replaces the current income tax code, which is very 7. complex, with a system so simple Americans could file their taxes on a 8. form the size of a postcard. What exactly is a flat tax? A flat tax sets 9. into place a single tax rate on all income subject to tax. The hundreds of 10. exemptions, credits, loopholes and deductions now in the tax system 11. would be eliminated to make the single tax rate as low as possible. The 12. cost of using the current tax system totals about $200 billion annually, 13. or $700 for every man, woman, and child in America. A flat tax would 14. reduce those totals by 94% , saving taxpayers more than $100 15. BILLION in compliance costs each year. Even with the reduced tax 16. rate, it is still possible to provide revenue to cover the cost of 17. government. America has the right to demand that our tax system be 18. profitable, efficient, and allow our nation to reach its peak economic 19. growth potential. The flat tax system would end un...