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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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Tax Spending

Tax Spending

(p.61) V Tax Spending
100 Million Unnecessary Returns

Michael J. Graetz

Yale University Press

This chapter focuses on the subject of tax spending and value-added tax, revealing that value-added taxes are now imposed by all the other OECD countries and by nearly 150 countries worldwide. In the OECD, the VAT rates range from a low of 5 percent in Japan to a high of 25 percent in Sweden, Hungary, Norway, and Denmark. The lowest European VAT rate is 16 percent. The chapter argues that in the United States, a VAT at a rate of 10 to 14 percent could fund an income tax reform which would exempt families with an income of $100,000 or less from the income tax and allow substantially lower income tax rates for both individuals and corporations. Like retail sales taxes, the amount of VAT should be separately stated so that consumers know how much tax is imposed each time they purchase goods or services.

Keywords:   value-added tax, VAT rates, income tax, corporations, sales taxes

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