To repeal the current Internal Revenue Code and replace it with a flat tax, thereby guaranteeing economic growth and fairness for all Americans.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Simplified, Manageable, And Responsible Tax Act'' or the ``SMART Act''. (b) Table of Contents.--
Sec. 1. Short title; table of contents. TITLE I--TAX REDUCTION AND SIMPLIFICATION
Sec. 101. Individual income tax. Sec. 102. Tax on business activities. Sec. 103. Simplification of rules relating to qualified retirement plans. Sec. 104. Repeal of alternative minimum tax. Sec. 105. Repeal of credits. Sec. 106. Repeal of estate and gift taxes and obsolete income tax provisions. Sec. 107. Effective date. TITLE II--SUPERMAJORITY REQUIRED FOR TAX CHANGES
Sec. 201. Supermajority required.
TITLE I--TAX REDUCTION AND SIMPLIFICATION
SEC. 101. INDIVIDUAL INCOME TAX.
(a) In General.--Section 1 of the Internal Revenue Code of 1986 is amended to read as follows:
``SECTION 1. TAX IMPOSED.
``There is hereby imposed on the taxable income of every individual a tax equal to 17 percent of the taxable income of such individual for such taxable year.''. (b) Taxable Income.--Section 63 of such Code is amended to read as follows:
``SEC. 63. TAXABLE INCOME.
``(a) In General.--For purposes of this subtitle, the term `taxable income' means the excess of-- ``(1) the sum of-- ``(A) wages (as defined in section 3121(a) without regard to paragraph (1) thereof) which are...