A bill to amend the Internal Revenue Code of 1954 to provide that a 14 percent income tax rate shall apply to all individuals, and to repeal all deductions, credits, and exclusions for individuals other than a $2000 deduction for each personal exemption.
Flat Tax Act of 1982 - Amends the Internal Revenue Code to repeal the income tax tables. Provides for an income tax rate of 14 percent for all individuals, estates, and trusts.
Repeals all special tax deductions, credits, and exclusions from income for individuals. Amends the Economic Recovery Tax Act of 1981 to increase to $2,000 the deduction for personal exemptions.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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