PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Finance.
Congressional Research Service
Version 00 · Introduced in Senate · Apr 2, 1993
Amends the Internal Revenue Code to provide for a simplified income tax. Allows a personal allowance of $4,000 for the taxpayer, spouse (if filing jointly), and each dependent. Adjusts such amount for inflation each year. Imposes a nonbusiness tax on each person (reduced by the amount of the personal allowance) of 15 percent of income that does not exceed the limit, plus 25 percent of income that exceeds the limit. Specifies that limit as: (1) $100,000 for married taxpayers filing jointly, heads of household, and surviving spouses; and (2) $50,000 for any other taxpayer. Imposes a tax on each business of 19 percent of taxable income, or zero if such income is negative. Allows the carryforward of losses. Specifies tax-exempt organizations as: (1) State and local governments; and (2) educational, religious, charitable, philanthropic, cultural, and community service organizations that do not return income to individual or corporate owners. Provides for tax withholding.
People & committees
Sen. DeConcini, Dennis [D-AZ] · D–AZ
Legislative record
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Read twice and referred to the Committee on Finance.
Sponsor introductory remarks on measure. (CR S4430)
Introduced in Senate
Primary sources
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Source last updated: Jan 14, 2025. Consult Congress.gov for the current record.
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