To amend the Internal Revenue Code of 1986 to provide for a 15 percent income tax rate for all individuals, to repeal most deductions, credits, and exclusions for individuals, and to provide a one-time amnesty from tax penalties for certain taxpayers who pay previous underpayments of Federal tax.
Taxpayer Confidence Restoration Act - Title I: Flat Rate Tax Act - Amends the Internal Revenue Code to impose a 15 percent income tax rate for all individuals.
Repeals all specific exclusions, deductions, and credits other than the standard deduction, the deduction for personal exemptions, and trade or business deductions.
Title II: Federal Tax Delinquency Amnesty - Provides a one-time amnesty from tax penalties for certain taxpayers who pay previous underpayments of Federal tax. Waives criminal and civil penalties as well as additions to tax with respect to such underpayments.
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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