Collected Comments from the Center for Fiscal Equity to the United States Congress Volume 5: Abridged Comments
Synopsis "Collected Comments from the Center for Fiscal Equity to the United States Congress Volume 5: Abridged Comments"
This volume contains the abridged collected comments of the Center for Fiscal Equity. including its incarnations as the Generation X Committee for Social Security, Tax and Health Care Reform and the Iowa Center for Fiscal Equity. Volume I covered tax reform, Trade and Economics and IRS Oversight. Volume II covered entitlement reform, including Social Security and Income Security. Volume III covered health care reform, Medicare and Medicaid. Volume IV covered budget and appropriations process reform and deficit reduction.The Center for Fiscal Equity proposes a large ball solution with four major provisions: A Value Added Tax (VAT) to fund domestic military spending and domestic discretionary spending with a rate between 10% and 13%, which makes sure very American pays something.Personal income surtaxes on joint and widowed filers with net annual incomes of $100,000 and single filers earning $50,000 per year to fund net interest payments, debt retirement and overseas and strategic military spending and other international spending, with graduated rates between 5% and 25% in either 5% or 10% increments. Heirs would also pay taxes on distributions from estates, but not the assets themselves, with distributions from sales to a qualified ESOP continuing to be exempt.Employee contributions to Old Age and Survivors Insurance (OASI) with a lower income cap, which allows for lower payment levels to wealthier retirees without making bend points more progressive.A VAT-like Net Business Receipts Tax (NBRT), which is essentially a subtraction VAT with additional tax expenditures for family support, health care and the private delivery of governmental services, to fund entitlement spending and replace income tax filing for most people (including people who file without paying), the corporate income tax, business tax filing through individual income taxes and the employer contribution to OASI, all payroll taxes for hospital insurance, disability insurance, unemployment insurance and survivors under age 60.Unlike our previous volumes, this will start with our earliest proposals and omit repeated text. This should make for easier reading and a quick summary of the many issues regarding tax reform, et al. We are also omitting the usual pleasantries at the beginning The first time a repeated text it will be bolded, with repeated comments in italics with ellipses between the first and last words of the quotation.Although these comments covered the period of time the Republicans had Control, the target has always included the Minority. We hope, as they take control of the House while the Republicans retain the Senate, but with new leadership on the Finance Committee, that this material will be a useful primer on tax reform issues
