![]() Under the plan, corporate rates will drop, allowing American businesses to prosper in the global economy. OK, so it sounds like the unwashed masses will not pay income tax, but rather a destination-based VAT tax, while the rich will pay income tax at lower rates. The Competitive Tax Plan would also expand refundable child credits. Providing payroll tax credits to low-and moderate- earners will prevent them from realizing tax increases. To retain adequate progressivity in our tax system, income taxes will remain in place for the highest earners, but at lower rates. The plan will remove 150 million Americans from the income tax rolls, freeing them from the hassle of filing an income tax return and dealing with the IRS.Ī VAT? Well, that won't make his former co-workers too happy, now will it?Īnd what does Everson have to say about income inequality and the growing divide between the 1% and the rest of the country? Adopting the plan will put in place a destination-based VAT that will apply to goods and services. I favor the Competitive Tax Plan authored by Columbia professor Michael Graetz.
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