Join Senator Ben Cardin to hear about his tax reform proposal to drastically lower income tax rates and improve US trade competitiveness through his Progressive Consumption Tax Act (PCTA). CPA has long been concerned with the two-way trade disadvantage from foreign consumption taxes.
Recent comprehensive tax reform efforts have focused on our current income tax system. However, this makes it difficult to obtain rate reductions and, as we have seen, it's possible for American businesses to avoid paying American taxes.
The "Progressive Consumption Tax Act", introduced in the current Congress, creates a Progressive Consumption Tax, or “PCT,” that changes the way the federal government raises revenue. Rather than taxing income, the PCT generates reasonable revenue by taxing the purchase of goods and services. This revenue is used to exempt most households from any federal individual income tax and significantly lowers the corporate income tax rate. Low- and middle-income families would be protected from unfair consumption taxation through a PCT rebate, and important benefits would be retained in a much simpler income tax code.
Most importantly, the "Progressive Consumption Tax Act" would provide an incentive for US companies to move production here, rather than overseas.
Ben Cardin has been a national leader on health care, retirement security, the environment and fiscal issues as a member of the U.S. Senate and House of Representatives. Senator Cardin was first elected to the U.S. Senate in 2006 and he was re-elected in
2012. He currently serves on the Environment and Public Works (EPW), Finance, Foreign Relations, and Small Business & Entrepreneurship committees. In 2001, he was named by Worth Magazine as among the top “100 people who have influenced the way Americans think about money.” In 2004, he was named to Treasury and Risk Management’s list of “100 Most Influential People in Finance.”
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