February 21st, 2015 by WCBC Radio
On Monday, U.S. Senator Ben Cardin will discuss the details of his recently introduced tax reform package, which centers on a progressive consumption tax, with leaders of the Maryland business community. Cardin’s proposal represents a comprehensive overhaul of America’s outdated system of taxation and would eliminate income tax liability for most Americans. It also would reduce the corporate income tax rate to one of the lowest among industrialized nations. Cardin’s bill, S. 3005, the Progressive Consumption Tax Act, changes the way the federal government raises revenue. Rather than taxing income, a progressive consumption tax generates reasonable revenue by taxing the purchase of goods and services.
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