All Information (Except Text) for S.155 - Fair Tax Act of 2015114th Congress (2015-2016)
|Sponsor:||Sen. Moran, Jerry [R-KS] (Introduced 01/13/2015)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 01/13/2015 Read twice and referred to the Committee on Finance. (All Actions)|
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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries
Short Titles - Senate
Short Titles as Introduced
Fair Tax Act of 2015
Actions Overview (1)
|01/13/2015||Introduced in Senate|
01/13/2015 Introduced in Senate
All Actions (1)
|01/13/2015||Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S552-553)|
Action By: Senate
01/13/2015 Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S552-553)
|Sen. Perdue, David [R-GA]*||01/13/2015|
|Sen. Isakson, Johnny [R-GA]*||01/13/2015|
|Sen. Roberts, Pat [R-KS]||01/27/2015|
|Sen. Inhofe, James M. [R-OK]||02/24/2015|
|Sen. Cruz, Ted [R-TX]||03/10/2015|
|Sen. Lankford, James [R-OK]||04/23/2015|
|Committee / Subcommittee||Date||Activity||Reports|
|Senate Finance||01/13/2015||Referred to|
Subject — Policy Area:
One Policy Area term, which best describes an entire measure, is assigned to every public bill or resolution.
- Administrative law and regulatory procedures
- Constitution and constitutional amendments
- Department of the Treasury
- Employment taxes
- Executive agency funding and structure
- Foreign and international corporations
- Fraud offenses and financial crimes
- Games and hobbies
- General taxation matters
- Government information and archives
- Government trust funds
- Income tax credits
- Income tax deductions
- Income tax rates
- Interest, dividends, interest rates
- Intergovernmental relations
- Internal Revenue Service (IRS)
- Poverty and welfare assistance
- Sales and excise taxes
- Small business
- Social security and elderly assistance
- State and local government operations
- State and local taxation
- Tax administration and collection, taxpayers
- Tax reform and tax simplification
- Taxation of foreign income
- Transfer and inheritance taxes
Latest Summary (1)
Introduced in Senate (01/13/2015)
Fair Tax Act of 2015
This bill is a tax reform proposal that imposes a national sales tax on the use or consumption in the United States of taxable property or services in lieu of the current income and corporate income tax, employment and self-employment taxes, and estate and gift taxes. The rate of the sales tax will be 23% in 2017, with adjustments to the rate in subsequent years. There are exemptions from the tax for used and intangible property, for property or services purchased for business, export, or investment purposes, and for state government functions.
Under the bill, family members who are lawful U.S. residents receive a monthly sales tax rebate (Family Consumption Allowance) based upon criteria related to family size and poverty guidelines.
The states have the responsibility for administering, collecting, and remitting the sales tax to the Treasury.
Tax revenues are to be allocated among: (1) the general revenue, (2) the old-age and survivors insurance trust fund, (3) the disability insurance trust fund, (4) the hospital insurance trust fund, and (5) the federal supplementary medical insurance trust fund.
No funding is allowed for the operations of the Internal Revenue Service after FY2019.
Finally, the bill terminates the national sales tax if the Sixteenth Amendment to the Constitution (authorizing an income tax) is not repealed within seven years after the enactment of this Act.