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100 Million Unnecessary ReturnsA Simple, Fair, and Competitive Tax Plan for the United States$
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Michael J. Graetz

Print publication date: 2008

Print ISBN-13: 9780300122749

Published to Yale Scholarship Online: October 2013

DOI: 10.12987/yale/9780300122749.001.0001

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The Plan in Brief

The Plan in Brief

(p.197) XII The Plan in Brief
100 Million Unnecessary Returns

Michael J. Graetz

Yale University Press

This chapter presents the layout of the Competitive Tax Plan. It argues for the elimination of the present broken method of revenue collection and for replacing the lost revenue with a broad-based tax on consumption, which would return the income tax to its pre-World War II status—a low-rate tax on a relatively thin slice of higher-income Americans. The chapter argues that a value-added tax imposed at a rate of 10 to 14 percent could finance a $100,000 family exemption from income tax, eliminating 150 million Americans from the income tax rolls and allowing a simpler income tax at a 20 to 25 percent rate to be applied to incomes over $100,000. It explains that these two taxes, in combination, would produce revenues roughly equivalent to the current income tax.

Keywords:   revenue collection, income tax, value-added tax, finance, tax rolls, tax plan

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