Vote Smart's Synopsis:

Vote to pass a bill that establishes a flat income tax.

Highlights:

• Specifies that for taxable years after December 31, 2012, through December 31, 2013, the following tax rates are applied (Sec. 1):
• For a married couple filing a joint return, or a single person who is the head of a household:
• If the taxable income is between $0 and $20,000, then the tax is 2.08 percent of the taxable income; 
• If the taxable income is between $20,001 and $50,000, then the tax is $416 plus 2.25 percent of the excess over $20,000; 
• If the taxable income is between $50,001 and $100,000, then the tax is $1,091 plus 2.57 percent of the excess over $50,000;
• If the taxable income is between $100,001 and $300,000, then the tax is $2,376 plus 3.65 percent of the excess over $100,000; and 
• If the taxable income is over $300,000, then the tax is $9,676 plus 3.85 percent of the excess over $300,000.
  
  

• Specifies that for taxable years after December 31, 2013, through December 31, 2014, the following tax rates are applied (Sec. 1):
• For a single person or a married person filing separately:
• If the taxable income is between $0 and $25,000, then the tax is 2.08 percent of the taxable income; 
• If the taxable income is between $25,001 and $50,000, then the tax is $520 plus 2.25 percent of the excess over $25,000; 
• If the taxable income is between $50,001 and $150,000, then the tax is $1,082 plus 2.60 percent of the excess over $50,000; and
• If the taxable income is over $150,001, then the tax is $3,682 plus 2.95 percent of the excess over $150,000.
•  For a married couple filing a joint return, or a single person who is the head of a household:
•  If the taxable income is between $0 and $50,000, then the tax is 2.08 percent of the taxable income; 
•  If the taxable income is between $50,001 and $100,000, then the tax is $1,040 plus 2.25 percent of the excess over $50,000; 
•  If the taxable income is between $100,001 and $300,000, then the tax is $2,165 plus 2.60 percent of the excess over $100,000; and
•  If the taxable income is over $300,001, then the tax is $7,365 plus 2.95 percent of the excess over $300,000.

• For taxable years after 2014, the tax is $2.08 percent of taxable income (Sec. 1).

Full Bill Text