A bill to require amendment of the Internal Revenue Code of 1954 to provide a simple income tax with a single low rate of tax and to require the Secretary of the Treasury to propose legislation to establish such an income tax.

[AI summary unavailable — showing source text] Requires amendment of the Internal Revenue Code to provide for a simplified income tax based on certain principles, including: (1) taxation of income only once and as close as possible to the source of the income; (2) income should be taxed at a single low rate not to exceed 15 percent; (3) low-income households should pay no tax; (4) individuals and businesses should be the only two taxpaying entities; (5) tax should be imposed on the gross revenues of the business; and (6) individuals should be allowed no deductions except for a few categories. Requires the Secretary of the Treasury to propose legislation to establish such an income tax.…