legislation: 98-s-3033
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| 98-s-3033 | 98 | s | 3033 | Ten Percent Flat Tax Rate Act | Taxation | 1984-09-28 | 1984-10-02 | Committee on Finance requested executive comment from OMB, Treasury Department. | Senate | Sen. Nickles, Don [R-OK] | OK | R | N000102 | 0 | Ten Percent Flat Tax Rate Act - Title I: Ten Percent Tax Rate For All Individuals And Unincorporated Associations - Amends the Internal Revenue Code to impose a flat rate tax of ten percent on the adjusted gross income of individuals and unincorporated associations. Defines "unincorporated association" as any taxable entity which is not incorporated pursuant to the laws of any State, the United States, or any foreign nation. Repeals the income tax credits for: (1) the elderly; (2) contributions to candidates for public office; (3) the purchase of a new principal residence; (4) dependent care expenses; (5) earned income; and (6) residential energy conservation expenses. Repeals the alternative minimum tax for taxpayers other than corporations. Provides that specified income tax credits shall not be available to individuals and unincorporated associations. Excludes from the gross income of individuals or unincorporated associations: (1) alimony and separate maintenance payments; (2) scholarship payments and fellowship grants; (3) social security payments; (4) excess social security tax payments; (5) payments received for disability; (6) payments received pursuant to the Railroad Retirement Act; (7) certain civil service retirement benefits; and (8) interest payments received on State and municipal bonds. Defines "adjusted gross income" in the case of an individual or unincorporated association as gross income minus: (1) trade or business deductions; (2) trade and business deductions of employees; and (3) expenses relating to income production. Disallows certain exclusions from the gross income of individuals and unincorporated associations, including exclusions for: (1) certain death payments; (2) gifts and inheritances; (3) injury or sickness compensation; (4) employer contributions to accident and health plans; (5) partial dividends; (6) contributions to corporation capital; and (7) dependent care assistance. Allows deductions from the adjusted gross income of individuals for personal exemptions. Sets the amounts of such exemptions at: (1) $2,000 for the taxpayer and spouse; and (2) $2,000 for each dependent of the taxpayer. Provides for cost-of-living adjustments for such amounts. Disallows all itemized deductions for individuals and unincorporated associations except those for interest, taxes, charitable contributions, and certain retirement savings. Repeals the income tax deductions for: (1) medical and dental expenses; (2) alimony payments; (3) taxes, interest, and business depreciation by cooperative housing tenant-stockholders; (4) two-earner married couples; and (5) adoption expenses. Imposes a flat rate tax of ten percent on the gross income of estates and trusts. Repeals special rules, income tax deductions, and income tax credits applicable to estates and trusts. Revises rules for determining the income tax of a partner to provide that each partner shall take into account separately his or her distributive share of the partnership's: (1) gains and losses; (2) taxes; and (3) taxable income or loss. Provides that the foreign tax credit shall not apply to unincorporated associations. Repeals the estate tax. Title II: Tax Amnesty - Provides for a one-time amnesty from criminal and civil tax penalties for taxpayers who: (1) file a written statement with specified information concerning any underpayment of tax; (2) pay the amount of such underpayment when filing the statement; and (3) within 30 days of notification of the amount of interest payable on any tax delinquent amount, pays the full amount of such interest or delinquency. Permits installment payments of tax due in certain cases. Disallows an amnesty period for taxpayers against whom a tax deficiency has already been assessed, who have committed fraud in seeking amnesty, or against whom a criminal investigation is pending. Establishes a special fund in the Treasury for taxes recovered under such amnesty program. Requires that revenues from such fund be used to offset possible revenue losses. | 2025-08-29T17:39:00Z |