H.R.1780 - To amend the Internal Revenue Code of 1986 to impose a flat tax only on the earned income of individuals and on business taxable income, and for other purposes.104th Congress (1995-1996)
|Sponsor:||Rep. Souder, Mark E. [R-IN-4] (Introduced 06/07/1995)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 06/07/1995 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
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Summary: H.R.1780 — 104th Congress (1995-1996)All Information (Except Text)
Introduced in House (06/07/1995)
Amends the Internal Revenue Code to impose a 20 percent tax on the taxable earned income of every individual. Bases such amount on the standard, charitable gifts, and residence interest deductions. (Replaces current income tax procedures for individuals.)
Increases the basic standard deduction and includes an additional standard deduction (limited to dependents only), with inflation adjustments.
Limits the deduction for interest paid on a home mortgage to the amount of acquisition indebtedness, with limitations.
Replaces the current tax on corporations with a tax on every person engaged in a business activity equal to 20 percent of the business taxable income of such person. Makes the person engaged in the business activity liable for the tax.