S.1493 - Fair Tax Act of 2003108th Congress (2003-2004)
|Sponsor:||Sen. Chambliss, Saxby [R-GA] (Introduced 07/30/2003)|
|Committees:||Senate - Finance|
|Latest Action:||07/30/2003 Read twice and referred to the Committee on Finance.|
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Summary: S.1493 — 108th Congress (2003-2004)All Bill Information (Except Text)
Fair Tax Act of 2003 - Amends the Internal Revenue Code to repeal subtitle A (Income Taxes), B (Estate and Gift Taxes), and C (Employment Taxes) of the Internal Revenue Code.
Introduced in Senate (07/30/2003)
Imposes a tax on the use or consumption in the United States of taxable property or services. Sets the tax rate at 23 percent for the calendar year 2005. Sets the rate, for years after 2005, at the combined sum of the general revenue rate (14.91 percent), the old-age survivors and disability rate, and the hospital insurance rate.
Sets forth provisions concerning, among other things; (1) imports and exports; (2) definitions; (3) credits and refunds; (4) a "family consumption allowance"; (5) Federal and State cooperative tax administration; (6) administrative matters; (7) collections, appeals, and taxpayer rights; (8) special rules (hobbies, gaming, government purchases, non-profits, and etc.); (9) financial intermediation services; and (10) additional matters.
Sets forth provisions concerning the: (1) phase-out of administration of repealed taxes; (2) administration of other taxes (establishes an Excise Tax Bureau and a Sales Tax Bureau); and (3) sales tax inclusive social security benefits indexation.