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1 Scott Greenberg & Kyle Pomerleau, Details and Analysis of Rep. Jim Renacci's Tax Reform Proposal 1 (2016)

handle is hein.taxfoundation/dajmrentx0001 and id is 1 raw text is: TAXO FOUNDATION Details and Analysis of Rep. Jim FISCAL Renacci's Tax Reform Proposal FACT No. 518 By Scott Greenberg & Kyle Pomerleau July, 2016 Analyst Director of Federal Projects Key Findings: Rep. Jim Renacci's (R-OH) tax plan would reform the individual income tax code and replace the corporate income tax with a 7 percent value-added tax. The congressman's plan would reduce federal revenues by $845 billion over the next decade. However, the plan will end up raising revenue when accounting for the increased economic output in the long run. According to the Tax Foundation's Taxes and Growth Model, the plan would significantly reduce marginal tax rates and the cost of capital, which would lead to 5.6 percent higher GDP over the long term and 1.9 million additional jobs. On a static basis, the plan would lead to 2.1 percent higher after-tax income for all taxpayers and 6.6 percent higher after-tax income for the top 1 percent. When accounting for the increased GDP, after-tax incomes of all taxpayers would increase by an average of 4.4 percent. The Tax Foundation is the nation's leading independent tax policy research organization. Since 1937, our research, analysis, and experts have informed smarter tax policy at the federal, state, and local levels. We are a 501(c)(3) non-profit organization. @2016 Tax Foundation Distributed under Creative Commons CC-BY NC 4.0 Designer, Dan Carvajal Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 202.464.6200 taxfoundation.org

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