To amend the Internal Revenue Code of 1986 to allow an individual taxpayer to elect a flat alternative individual return tax as an alternative to the current Internal Revenue Code.
Flat Alternative Individual Return Tax Act of 1997 - Amends the Internal Revenue Code to allow an individual to pay, instead of the tax otherwise due under the Code, a tax equal to 20 percent of FAIR taxable income. Defines such income as gross income minus specified deductions over the FAIR standard deduction. Defines such deduction.
Introduced in House
Introduced in House
Referred to House Ways and Means
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.
Referred to House Rules
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