arrow_back Back to App

SMART Act: Flat Tax, Simplification, and Economic Growth

This act aims to overhaul the U.S. tax system by replacing the current Internal Revenue Code with a flat tax of 17% for individual and business income. This means simpler tax filings for most citizens and businesses, but also the elimination of many existing deductions, credits, and taxes, such as estate tax and the alternative minimum tax. Additionally, it introduces a supermajority requirement for future tax changes, aiming to stabilize the system.
Key points
Introduces a flat 17% income tax rate for individuals and businesses, simplifying the tax system.
Repeals numerous tax credits, deductions, and the estate and gift taxes, impacting personal finances and inheritance planning.
Simplifies rules for qualified retirement plans by eliminating various limitations and requirements, potentially changing retirement savings strategies.
Establishes a three-fifths supermajority vote in Congress for future tax increases or benefit reductions, aiming for fiscal policy stability.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_S_1653
Sponsor: Sen. Shelby, Richard C. [R-AL]
Process start date: 2021-05-17
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

SMART Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_1653.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-05-17.

What are the main provisions?

Key points include:

  • Introduces a flat 17% income tax rate for individuals and businesses, simplifying the tax system.
  • Repeals numerous tax credits, deductions, and the estate and gift taxes, impacting personal finances and inheritance planning.
  • Simplifies rules for qualified retirement plans by eliminating various limitations and requirements, potentially changing retirement savings strategies.
  • Establishes a three-fifths supermajority vote in Congress for future tax increases or benefit reductions, aiming for fiscal policy stability.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Shelby, Richard C. [R-AL].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

CATEGORIES

Taxes Economy