Freedom and Fairness Restoration Act of 1997

[AI summary unavailable — showing source text] TABLE OF CONTENTS: Title I: Tax Reduction and Simplification; Supermajority Required for Tax Changes Subtitle A: Tax Reduction and Simplification Subtitle B: Supermajority Required for Tax Changes Title II: Spending Restraint and Budget Process Reform Subtitle A: Balanced Budget by Fiscal Year 2002 Subtitle B: Zero Based Budgeting and Decennial Sunsetting Freedom and Fairness Restoration Act of 1997 - Title I: Tax Reduction and Simplification; Supermajority Required for Tax Changes - Subtitle A: Tax Reduction and Simplification - Amends the Internal Revenue Code to impose a 20 percent tax (17 percent after December 31, 1998) on the taxable income of every individual. Redefines "taxable income" to mean the amount by which wages, retirement distributions, and unemployment compensation exceed the standard deduction. Increases the basic standard deduction and includes an additional standard deduction for dependents. Includes in taxable income the taxable income of each dependent child under the age of 14. Provides for 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…