SMART Act

The Simplified, Manageable, And Responsible Tax Act (SMART Act) proposes a fundamental overhaul of the U.S. tax system by replacing the current multi-bracket progressive income tax with a single "flat tax" of 17% for both individuals and businesses. To simplify the filing process, the bill would eliminate nearly all existing tax credits, deductions, and loopholes, as well as the Alternative Minimum Tax and the estate tax.

For the average citizen, this would mean a significantly higher standard deduction—intended to shield lower-income households from taxation—while taxing all income above that threshold at the fixed 17% rate. Additionally, the bill would simplify retirement savings by removing many current contribution limits and non-discrimination rules, while requiring a three-fifths "supermajority" vote in Congress to increase tax rates or create new deductions in the future.