Freedom Flat Tax Act

Freedom Flat Tax Act - Amends the Internal Revenue Code to authorize an individual and a person engaged in business activity to make an irrevocable election to be subject to a flat tax (in lieu of the existing tax provisions) of 19 percent for the first two years, and 17 percent thereafter.

Defines individual and business "taxable income."

Imposes an employer tax on the value of excludable compensation provided to employees not engaged in business activity of 19 percent through 2004, and 17 percent thereafter.