Subscribe to Newsletter

To subscribe to our newsletter simply add your email below. A confirmation email will be sent to you!

Senator’s Plan Makes Tax Returns the Size of a Postcard

Newsmax

Posted 2/3/2013

Sen. Richard Shelby is pushing legislation that would replace today’s income tax code with a 17 percent flat tax and reduce tax returns to the size of a postcard.

“Our tax code and regulations total tens of thousands of pages that are complicated and confusing,” the Alabama Republican said in a statement posted on the votesmart.org website.

“That is why I have introduced the SMART Act — the Simplified, Manageable And Responsible Tax Act.

“The time has come to put an end to the headaches caused by our inefficient tax code.”

Shelby introduced flat tax legislation in 2011, and on Tuesday introduced a new bill with updated figures.

The new bill imposes a flat tax of 17 percent on all personal and business income. The only exemptions would be these personal exemptions:

  • $14,070 for a single person
  • $17,970 for a head of household
  • $28,140 for a married couple filing jointly
  • $6,070 for each dependent

The exemptions would be indexed to the consumer price index to prevent inflation from increasing the tax burden, and earnings from savings would not be included as taxable income, “resulting in an immediate tax cut for virtually all taxpayers,” the statement from Shelby’s office states.

“With the SMART Act in place, taxpayers would file a return the size of a postcard.”

The legislation would also eliminate estate taxes, gift taxes, and the Alternative Minimum Tax, and allow businesses to redirect resources away from tax compliance and toward job creation.

The statement concludes: “By closing loopholes for individuals and businesses, the SMART Act would create broad-based lower tax rates that would give American individuals and businesses a competitive edge, create and retain jobs in the United States, and curb offshoring.”

In accordance with Title 17 U.S.C. Section 107, any copyrighted work in this message is distributed under fair use without profit or payment for non-profit research and educational purposes only. [Ref. http://www.law.cornell.edu/uscode/17/107.shtml]

Search Citizen Review ARCHIVES for keywords, stories

 

Search Citizen Review
(Current News - from Jan. 2012 to present)

Note about Searching this Website

If you wish to use this website to research by topic or keyword, there are TWO search engines - one for the current stories as posted in our Wordpress format, and the ARCHIVE search engines, which goes back in time to 1999.  Be sure to use both to access stories relative to your search that covers both time periods. - Ed.