Friday, February 3, 2017

Trump tax reform best case scenario?

From John Cochrane's blog. I'd give it this side of a snowball's chance in hell.
Kotlikoff's preferred tax plan... a) eliminates the corporate income tax, the personal income tax, and the estate and gift tax, b) introduces a value added tax (VAT), a progressive personal consumption tax on top consumers that exempts consumption financed by labor income, an inheritance tax that kicks in after the receipt of $5 million, and a Co2 emissions tax of $80 per ton, c) eliminates the ceiling on the FICA payroll tax, and d) provides a $2,000 annual payment to each U.S. citizen.

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