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http://ssrn.com/abstract=1636915
 
 

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How to Raise $1 Trillion Without a VAT or a Rate Hike


Calvin H. Johnson


University of Texas at Austin - School of Law

July 5, 2010

Tax Notes, Vol. 128, p. 101, July 5, 2010

Abstract:     
There is an impending crisis in which revenue is needed to contain the federal deficit, now projected at $1.3 trillion a year. Some have said that individual income tax rates will need to go up to 85 percent, and some have advocated a federal VAT, FAIR tax, or sales tax, with rates as high as 61 percent. This article shows the best way to raise $1 trillion without either a VAT or a rate increase, mostly by requiring that our tax accounting better reflect economic income. Doing so will make the tax system both fairer and more efficient. Table 1 lists ways to raise $1 trillion. The list, however, cannot be adopted without a crisis.

This article is part of the Shelf Project, a collaboration among tax professionals to develop and perfect proposals to raise revenue.

Number of Pages in PDF File: 8

Keywords: Tax Reform, Revenue Enhancement, Tax Accounting

JEL Classification: H20, H21, K34

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Date posted: July 10, 2010  

Suggested Citation

Johnson, Calvin H., How to Raise $1 Trillion Without a VAT or a Rate Hike (July 5, 2010). Tax Notes, Vol. 128, p. 101, July 5, 2010. Available at SSRN: http://ssrn.com/abstract=1636915

Contact Information

Calvin Harsha Johnson (Contact Author)
University of Texas at Austin - School of Law ( email )
727 East Dean Keeton Street
Austin, TX 78705
United States
512-232-1306 (Phone)
512-232-2399 (Fax)
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