WASHINGTON, DC – U.S. Senator Richard Shelby (R-Ala.) has re-introduced legislation to establish a flat tax on all income, known as the "Simplified, Manageable, and Responsible Tax (SMART) Act." Since his election to the Senate in 1986, Senator Shelby has been a strong advocate for the flat tax, introducing legislation supporting it each Congress.
These allowances would also be adjusted to the consumer price index in order to prevent inflation from raising our tax burden. To prevent the double-taxation of income, earnings from savings would not be included as taxable income, resulting in an immediate tax cut for virtually all hardworking taxpayers.
By closing loopholes for individuals and businesses, the SMART Act would create broad-based, lower tax rates that would give American individuals and businesses a competitive edge, create and retain jobs in the United States, and curb offshoring.