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.
Status:
Expired
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