HR 1040

112th CONGRESS
1st Session

H. R. 1040

To amend the Internal Revenue Code of 1986 to provide taxpayers a flat tax alternative to the current income tax system.

IN THE HOUSE OF REPRESENTATIVES

March 11, 2011

Mr. BURGESS (for himself, Mr. BARTLETT, Mr. COLE, and Mr. ROSS of Florida) introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned


A BILL

To amend the Internal Revenue Code of 1986 to provide taxpayers a flat tax alternative to the current income tax system.

SECTION 1. SHORT TITLE.

SEC. 2. FREEDOM FLAT TAX.

`PART VIII--FREEDOM FLAT TAX

`SEC. 60. IRREVOCABLE ELECTION TO BE SUBJECT TO FLAT TAX.

`SEC. 60A. TAX IMPOSED ON INDIVIDUALS.

`SEC. 60B. TAX IMPOSED ON BUSINESS ACTIVITIES.

`SEC. 60C. TAX ON NONCASH COMPENSATION PROVIDED TO EMPLOYEES NOT ENGAGED IN BUSINESS ACTIVITY.

`Part VIII. Freedom Flat Tax.'.

SEC. 3. REPEAL OF ESTATE AND GIFT TAXES.

SEC. 4. SUPERMAJORITY REQUIRED TO CONSIDER REVENUE MEASURE.

END