Flat Alternative Individual Return Tax Act of 1997

[AI summary unavailable — showing source text] Flat Alternative Individual Return Tax Act of 1997 - Amends the Internal Revenue Code to allow an individual to pay, instead of the tax otherwise due under the Code, a tax equal to 20 percent of FAIR taxable income. Defines such income as gross income minus specified deductions over the FAIR standard deduction. Defines such deduction.…