Fair and Simple Shortcut Tax Plan

Fair and Simple Shortcut Tax Plan - Amends the Internal Revenue Code to permit an electing individual to be subject to a 15 percent tax on wage income through a tax return free filing system.

Permits individuals, as deductions under such system, only the standard deduction, the deduction for personal exemptions, and the homeowner expense deduction.

Permits individuals, as credits under such system, only the child tax credit, the earned income credit, and the credit for overpayment of tax.

Allows a limited Fair and Simple Shortcut Tax plan start-up credit for employers.

Makes the standard deduction on a joint return twice that of a single return.

Increases the alternative minimum tax exemption amount for self-employment income.

Allows a limited nonrefundable credit for tax preparation expenses.

Permits, for individuals not making the election under title I, a limited exclusion from income for interest and dividends.