On Monday, U.S. Sen. Richard Shelby, R-AL, reintroduced legislation that would establish a “flat tax” on all incomes, meaning that millionaires would pay a tax rate equal to that of middle and working class households.

The Simplified, Manageable and Responsible Tax (SMART) Act would establish a flat income tax of 17 percent on all income, a move that Shelby has backed since being elected to the Senate in 1986.

The only exception in Shelby’s plan would be the following personal exemptions:

• $14,480 for a single person

• $18,490 for head of household

• $28,960 for a married couple filing jointly

• $6,250 for each dependent

These exemptions would be adjusted to the consumer price index, a move Shelby believes will prevent inflation from raising tax rates.

Earnings from savings would not be taxed as income – according to a consumer finance survey conducted by Bankrate, 66 million Americans have no savings at all.

“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,” a press release from Shelby’s office stated.

“Every year, Tax Day is a reminder to the American people that our nation’s tax code is complex, confusing and costly,” Shelby said.  “The recent success of the Tax Cuts and Jobs Act is certainly progress, but if the SMART Act was in place now, taxpayers would file a return the size of a postcard, and every American would be taxed equally and at the same rate.  I believe this legislation would result in an immediate tax cut for virtually all taxpayers, while also reducing the size, scope and complexity of the IRS.”