The Flat-VAT-FAT plan

[The CINC]

A tax proposal: The Flat-VAT-FAT plan

Donald Trump submitted a tax proposal to Congress and Congress made their own changes to it. While there are some good ideas in this plan. I think we can do better. Here is my proposal which I named the Flat-VAT-FAT plan. It has the following elements.

* A 20% Flat Tax on both individuals and corporations with a $20,000 deduction for individuals and $50,000 for families.
* A 20% Value Added Tax (VAT) on all goods and services which will replace the payroll tax, fund a universal health voucher system and will have annual rebates of $3000 for every man, woman and child legally residing in the USA.
* A 1% Financial Action Tax (FAT) to be levied on all securities transactions
* A 20% Border Adjustment Tax on all imports
* Repealing the Alternative Minimum, Social Security and Medicare taxes.
* Replace the Gas Tax with a Carbon Tax
* Raise alcohol, tobacco and estate taxes

This plan will simplify the tax code, promote economic growth, tax the underground economy and raise enough revenue to not just pay the government’s bills but also pay down the National Debt.

[Supposn]