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HB1040
The Flat Tax Act is a federal bill that proposes implementing a flat tax system in the United States. This system would replace the current progressive income tax structure with a single, uniform tax rate for all taxpayers. The main provision of the bill is to simplify the tax code by applying the same tax rate to all income levels, eliminating most deductions and credits. The purpose of this act is to streamline the tax system, reduce complexity, promote economic growth, and provide fairness by treating all taxpayers equally. If passed, this bill could have significant impacts on how individuals and businesses are taxed in the U.S., potentially altering how taxes are calculated and paid across the country.
2023-02-14: Introduced in House
2023-02-14: Referred to the Committee on Ways and Means, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
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