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Flat Tax Act: Simplified Taxation and Estate Tax Repeal

This bill proposes a new, simplified tax system to replace the current income tax. Individuals and businesses could choose a flat tax rate, aiming to simplify tax filings. Additionally, the act completely repeals estate and gift taxes, meaning wealth transfers to family would be free of these charges.
Key points
Introduction of a flat income tax rate: 19% for the first two years, then 17% for individuals and businesses.
Option to elect into the new tax system instead of the current one, with an irrevocable choice (except for 'innocent spouse' situations).
Repeal of estate and gift taxes, eliminating taxes on inherited wealth.
Generous standard deductions for individuals, e.g., $32,496 for joint filers and $16,248 for single filers, with additional deductions for dependents.
All standard deductions will be adjusted annually for inflation.
Requires a two-thirds supermajority vote in Congress for future tax rate increases or deduction reductions.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HR_1040
Sponsor: Rep. Burgess, Michael C. [R-TX-26]
Process start date: 2023-02-14
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Flat Tax Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_1040.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-02-14.

What are the main provisions?

Key points include:

  • Introduction of a flat income tax rate: 19% for the first two years, then 17% for individuals and businesses.
  • Option to elect into the new tax system instead of the current one, with an irrevocable choice (except for 'innocent spouse' situations).
  • Repeal of estate and gift taxes, eliminating taxes on inherited wealth.
  • Generous standard deductions for individuals, e.g., $32,496 for joint filers and $16,248 for single filers, with additional deductions for dependents.
  • All standard deductions will be adjusted annually for inflation.
  • Requires a two-thirds supermajority vote in Congress for future tax rate increases or deduction reductions.
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 Rep. Burgess, Michael C. [R-TX-26].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

CATEGORIES

Taxes