S. 820 was introduced on April 14 by Senator Richard Shelby of Alabama.
It was read twice and referred to the Senate Finance Committee.
This bill would replace the current IRS tax system with a flat tax
system. The tax would be a 17 percent tax on all personal income (wages,
retirement accounts and unemployment). In addition, all businesses
would be subject to the same 17 percent tax, hence the name "flat tax".
The bill repeals the Alternative Minimums Tax, Tax Credits, Gift and Estate Taxes.
For passage, this bill would require a super-majority (2/3) in both the House and the Senate.
Nicole J Pearce