13.1: Single Rate
Institute a simple, single-rate tax on individuals and businesses. Other Information:
A Unified Single Tax Rate. The Heritage tax reform plan is far more comprehensive than previous well-known tax reform proposals.
Typical of many tax reform proposals, our plan replaces today's individual and corporate income tax systems and eliminates
the death tax. In lieu of the current motley collection of taxes, this plan institutes a simple, single-rate tax on individuals
and businesses. It also folds today's federal payroll taxes financing Social Security and Medicare into the new system, establishing
a single tax rate for all taxpayers. In addition, it replaces all federal excise taxes except those dedicated to specific
trust funds, such as the gasoline tax, which would be retained until that tax and its associated highway program are devolved
to the states.
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