Thread: Sen. Shelby wants to use his ‘SMART’ idea to simplify the tax code

Sen. Shelby wants to use his ‘SMART’ idea to simplify the tax code

• WRITTEN BY JACOB BUNN
• ON APRIL 19, 2017 AT 9:46 AM CDT

Sen. Richard Shelby, R-Ala.

On the 2017 version of Tax Day, Sen. Richard Shelby (R-Ala.) introduced legislation in the U.S. Senate aimed at creating a flat tax on all income.

S.893 is known as the Simplified, Manageable and Responsible Tax Act (or SMART). It would establish a flat tax rate of 17 percent on all income. The exemptions would be personal exemptions of $14,590 for a single person, $18,630 for a head of a household, $21,190 for a married couple filing jointly and $6,290 for each dependent.

Those exemptions would also be indexed to the consumer price index to ensure that inflation does not increase taxes on its own. Earnings from savings would also not be included as taxable income, which Shelby calls an immediate tax cut for virtually all Americans.

“On Tax Day, the American people are reminded that our nation’s tax code is unnecessarily complex, confusing, and inefficient. The SMART Act is a straightforward solution that would require taxpayers to only file a simple postcard size return, which would save Americans time and money. The SMART Act would also allow businesses to redirect resources away from tax compliance and instead focus on expanding their businesses and creating jobs,” Shelby said in a release.

Shelby also emphasized that closing the loopholes for individuals and businesses through this act would create broad-based lower tax rates that would give them competitive edge and the opportunity to create and retain jobs.

With an administration that now seems eager to work on reforming the American tax code, initiatives such as this could actually see the light of day. Thus far, the bill has been introduced in the Senate and referred to the Finance Committee. We will keep you updated on where it goes from here.

http://yellowhammernews.com/politics...ax-code-jbunn/

Still a little high IMO.

Common sense and the numbers are going to drive them to the simple fact that the FairTax does everything they're seeking to do.

The FairTax does what the border adjustment tax attempts to do but without price increases.

The FairTax exempts all necessities for individuals who want to sign up for it and already has a built in COLA allowance that revises it every year based on Household Consumption Allowance determined annually by DHHS.

The FairTax is a flat rate that includes SS and Medicare.

The FairTax simplifies the tax code by ... eliminating it.

The FairTax reduces the tax rates for businesses by ..... eliminating them.

The FairTax IS the SMART TAX.

Wake Up Republicans. You're sitting on a gold mine with the FairTax, it's already written, it's already in Committee, it's already got dozens of co-sponsors, it's ready to go and can solve all your problems and issues with a 15 minute roll call vote.

Put yourselves out of your own self-induced misery and pass it.

Stop Talking. Time for Action.

Pass the FairTax. HR 25 in the US House of Representatives and S 18 in the US Senate.

Originally Posted by Judy

Common sense and the numbers are going to drive them to the simple fact that the FairTax does everything they're seeking to do.

The FairTax does what the border adjustment tax attempts to do but without price increases.

The FairTax exempts all necessities for individuals who want to sign up for it and already has a built in COLA allowance that revises it every year based on Household Consumption Allowance determined annually by DHHS.

The FairTax is a flat rate that includes SS and Medicare.

The FairTax simplifies the tax code by ... eliminating it.

The FairTax reduces the tax rates for businesses by ..... eliminating them.

The FairTax IS the SMART TAX.

Wake Up Republicans. You're sitting on a gold mine with the FairTax, it's already written, it's already in Committee, it's already got dozens of co-sponsors, it's ready to go and can solve all your problems and issues with a 15 minute roll call vote.

Put yourselves out of your own self-induced misery and pass it.

Stop Talking. Time for Action.

Pass the FairTax. HR 25 in the US House of Representatives and S 18 in the US Senate.

http://www.fairtaxfraud.com/fallout.asp