Rep. Jim Renacci, R-Ohio, a CPA who joined Congress in 2011, has released a
Renacci’s Simplifying America’s Tax System, or SATS, plan would eliminate the corporate income tax and replace it with a single-digit consumption tax on business activities, subjecting all business income to one level of income taxation. On the individual side, his SATS plan would reduce income tax rates for taxpayers by significantly increasing the standard deduction. A family of four would have no income tax liability on income up to $50,000. SATS would also eliminate the marriage penalty and expand the Earned Income Tax Credit.
“We need to tear down the wall of corporate level taxation and jump start our economy with a much needed overhaul,” Renacci said in a statement Thursday. “SATS is a bold pro-growth solution to business tax reform that would make our tax system the most competitive in the world. It would also lower rates across the board so that Americans of all income levels will see a similar increase in after-tax income. Your success should be up to you, not the tax code.”
Last month, House Speaker Paul Ryan, R-Wis., and other House Republican leaders released their own
Meanwhile, Donald Trump, the presumptive Republican nominee, has a separate
The Tax Foundation has released an