Tax Reform for Fairness, Simplicity, and Economic Growth: Overview

accounts addition adjustment administrative advantages allowed amount apply assets average benefits borrowing burden capital capital gains changes collected comprehensive consumed income tax consumption contributions corporate cost current law debt deduction dependent depreciation distortions distribution dividends earned economic effective eliminate employees excess exclusion exemption existing expenditures expenses fairness families Federal foreign gains gifts higher important increase indexed individual industries inflation interest investment issues less liability limit loans losses lower measurement neutrality paid partnerships payments percent personal exemptions plans preferences present prior problems production purchases qualified received reduce relatively Repeal replace reported require result retail sales tax retirement returns rules sales tax saving simplify Table tax base tax credit tax on consumed tax rates tax shelters tax system tax treatment tax-exempt taxation taxpayers transfers Treasury Department proposals treatment United value-added tax Yes Yes