A bill to require amendment of the Internal Revenue Code of 1954 to provide a simple income tax with a single low rate of tax and to require the Secretary of the Treasury to propose legislation to establish such an income tax.

Requires amendment of the Internal Revenue Code to provide for a simplified income tax based on certain principles, including: (1) taxation of income only once and as close as possible to the source of the income; (2) income should be taxed at a single low rate not to exceed 15 percent; (3) low-income households should pay no tax; (4) individuals and businesses should be the only two taxpaying entities; (5) tax should be imposed on the gross revenues of the business; and (6) individuals should be allowed no deductions except for a few categories. Requires the Secretary of the Treasury to propose legislation to establish such an income tax.