On July 14th, the IRS held a public hearing for the debt-equity rule (section 385 of the IRS code) that the Treasury Department proposed last April. The hearing, which had as many as 16 speakers from various industries,...
- Putting a Face on America's Tax Returns: Chart 27
Putting a Face on America's Tax Returns: Chart 27
Key Findings: Rep. Jim Renacci’s (R-OH) tax plan would reform the individual income tax code and replace the corporate income tax with a 7 percent value-added tax. The congressman’s plan would reduce federal revenues by $845...
Key Findings: OECD countries rely heavily on consumption taxes, such as the value-added tax, and social insurance taxes, such as the payroll tax. The United States relies heavily on the individual income tax, at 38.7 percent of total...
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