PlainBillCongress, translated.Legislation. Context. Public interest.Committee on Finance. Hearings held.
Congressional Research Service
Version 00 · Introduced in Senate · Mar 2, 1995
Amends the Internal Revenue Code to impose a 20 percent tax on the taxable earned income of every individual. Bases such amount on the standard deduction. (Replaces current income tax procedures for individuals.) Increases the basic standard deduction and includes an additional standard deduction (limited to dependents only), with inflation adjustments. Limits charitable contributions to $2,500 ($1,250 in the case of married individuals filing separately). Limits the deduction for interest paid on a home mortgage to the amount of acquisition indebtedness, with limitations. Replaces the current tax on corporations with a tax on every person engaged in a business activity equal to 20 percent of the business taxable income of such person. Makes the person engaged in the business activity liable for the tax.
People & committees
Sen. Specter, Arlen [R-PA] · R–PA
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Committee on Finance. Hearings held.
Read twice and referred to the Committee on Finance.
Sponsor introductory remarks on measure. (CR S3416-3422)
Introduced in Senate
Primary sources
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No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Jan 14, 2025. Consult Congress.gov for the current record.
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