Freedom and Fairness Restoration Act of 1994

[AI summary unavailable — showing source text] TABLE OF CONTENTS: Title I: Tax Reduction and Simplification Title II: Spending Restraint and Budget Process Reform Subtitle A: Joint Budget Resolution Subtitle B: Zero Based Budgeting and Decennial Sunsetting Subtitle C: Spending Caps on the Growth of Entitlements for Fiscal Years 1995 Through 2000 Subtitle D: Balanced Budget by Fiscal Year 2000 Title III: Regulatory Relief Subtitle A: Private Property Rights Protection and Compensation Subtitle B: Measuring Costs of Federal Regulations Subtitle C: Risk Assessment and Cost/Benefit Analyses and Reports Freedom and Fairness Restoration Act of 1994 - Title I: Tax Reduction and Simplification - Amends the Internal Revenue Code to impose a 20 percent tax (17 percent after December 31, 1996) on the taxable earned income of every individual. Bases such amount on the standard deduction. (Replaces current income tax procedures for individuals.) Increases the basic standard deduction for individuals and includes an additional standard deduction for dependents, with inflation adjustments. (Sec. 102) Replaces the current tax on corporations with a tax on every person engaged in a business activity equal to 20 percent (17 percent after Decembe…