IT'S W'S AMERICA:

Here are 11 things to know:

1. The truly radical part is the proposal to effectively abolish the corporate income tax.  The United States would become the only advanced country without a corporate income tax, making it a very attractive location for international investors.

2. The DBCFT is essentially a value-added tax (VAT), but with a deduction for wages.  Every advanced country except the U.S. has a VAT alongside a corporate income tax.  The U.S. would in effect be replacing the corporate income tax with a modified VAT.  A VAT taxes consumption, not income - it has the same effects as a national retail sales tax, but works better administratively.

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