Flat Tax Act of 1988

[AI summary unavailable — showing source text] Flat Tax Act of 1988 - Amends the Internal Revenue Code to impose a 15 percent tax on the taxable income of every individual, including any estate or trust. Repeals all tax exclusions and tax credits currently used to determine individual income tax liability. Repeals all income tax deductions, except for the standard deduction, the deduction for personal exemptions, and trade or business deductions. Directs the Secretary of the Treasury, within 90 days of this Act's enactment, to submit to a specified congressional committee a draft of conforming and technical changes in the Internal Revenue Code that would be required to reflect the changes made by this Act.…