A bill to amend the Internal Revenue Code of 1954 to provide that a 10 percent income tax rate shall apply to all individuals, and to repeal all deductions, credits, and exclusions for individuals other than a $2,000 deduction for each personal exemption.
Flat Rate Tax Act of 1982 - Amends the Internal Revenue Code to repeal the income tax tables. Provides for an income tax rate of ten 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.
Referred to House Committee on Ways and Means.
Introduced in Senate
Read twice and referred to the Committee on Finance.
Committee on Finance requested executive comment from OMB; Treasury Department.
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