Wyden and Emanuel to Introduce “Fair Flat Tax Act” Today
April 16, 2007
On the eve of tomorrow’s federal tax-filing deadline, Sen. Ron Wyden (D-OR) and Rep. Rahm Emanuel (D-IL) plan to re-introduce their “Fair Flat Tax Act” today on Capitol Hill. From the advance news release:
American taxpayers spend more than $100 billion on tax preparation each year. And the six billion hours each year that Americans are estimated to spend doing their taxes is greater than the combined annual working hours of every American employed in the manufacture of cars, computers, airplanes and steel in the United States. The Fair Flat Tax Act, to be introduced Monday, April 16, by U.S. Sen. Ron Wyden and U.S. Rep. Rahm Emanuel, would free Americans of this burden by simplifying the way they do taxes. Additionally, the Senator and Congressman propose AMT relief.
The Fair Flat Tax Act of 2007 combines the simplicity of a flat tax with principles of fairness to provide real tax relief for America’s middle class. It will simplify the nearly 10,000 sections of U.S. tax law into a system Americans can understand and with which they can easily comply. It will flatten tax rates for individuals and businesses, collapsing six individual brackets to three and setting a single, flat corporate rate. Ultimately, it will make the tax code fairer by providing a tax cut for American’s making up to approximately $100,000 a year, while calling on the most affluent Americans to pay their fair share.
The last major tax reform was enacted more than 20 years ago in 1986. Since that time, approximately 15,000 changes have been made to the tax code – three for every working day. The code is 1.4 million words long and at stacks up much taller than Senator Wyden, who is 6’4″.
There are no links to the new bill or the news release on either lawmaker’s website yet. We’ll add links when more information becomes available on the bills.