Senator Ron Wyden

Senator Ron Wyden: "December 15, 2005

Washington, DC – At a press conference today, U.S. Senator Ron Wyden (D-Ore.) and U.S. Representative Rahm Emanuel (D-Ill.) touted their comprehensive, bicameral tax reform legislation that contains major tax relief for America’s middle class as it makes the U.S. income tax code simpler, flatter and fairer. Wyden introduced the “Fair, Flat Tax Act of 2005” in the Senate in October; Emanuel announced plans today to introduce companion legislation in the House of Representatives.

Specifically, the legislation allows every taxpayer to file taxes on a simplified, one-page 1040 form, collapses individual tax brackets from the current six down to three, and sets one flat corporate rate. It also ends the Alternative Minimum Tax for personal income taxes, and allows federal taxpayers who do not itemize to receive a tax break for state and local taxes. Ending a number of corporate tax preferences also allows the legislation to reduce the deficit by approximately $100 billion over the next five years."