Proposed Provision: Tax Reform for Business: Establish a value added tax (VAT) of 3.0 percent for 2012 and 6.5 percent for 2013 and later. Lower the corporate income tax rate from 35 to 27 percent starting 2012.

OASDI Cost Rates and Income Rates
(as a percentage of taxable payroll)

  Income Rates Cost Rates
Year Present Law Provision Present Law Provision
201012.312.313.113.1
201112.912.913.013.0
201212.912.412.812.8
201312.912.412.812.8
201412.912.412.912.9
201512.912.413.013.0
201613.012.513.113.1
201713.012.513.313.2
201813.012.513.513.4
201913.012.513.813.7
202013.012.514.114.0
202113.112.614.514.2
202213.112.614.714.5
202313.112.615.014.8
202413.112.615.315.0
202513.112.615.515.2
202613.112.615.815.4
202713.212.616.015.6
202813.212.716.115.7
202913.212.716.315.8
203013.212.716.415.9
203113.212.716.516.0
203213.212.716.616.1
203313.212.716.716.1
203413.212.716.716.2
203513.212.716.716.2
203613.212.716.716.2
203713.212.716.716.2
203813.212.716.716.1
203913.212.716.716.1
204013.212.716.616.0
204113.212.716.616.0
204213.212.716.615.9
204313.212.716.515.9
204413.212.716.515.8
204513.212.716.415.8
204613.212.716.415.8
204713.212.716.415.8
204813.212.716.415.7
204913.212.716.415.7
205013.212.716.315.7
205113.212.716.315.7
205213.212.716.315.7
205313.212.716.315.7
205413.212.716.315.7
205513.212.716.415.7
205613.212.716.415.7
205713.212.716.415.8
205813.212.716.415.8
205913.212.716.515.8
206013.212.716.515.8
206113.212.716.515.8
206213.212.716.515.9
206313.212.716.615.9
206413.312.716.615.9
206513.312.716.616.0
206613.312.716.716.0
206713.312.716.716.0
206813.312.716.716.1
206913.312.716.816.1
207013.312.716.816.1
207113.312.716.816.2
207213.312.716.916.2
207313.312.716.916.3
207413.312.717.016.3
207513.312.817.016.3
207613.312.817.116.4
207713.312.817.116.4
207813.312.817.216.5
207913.312.817.216.5
208013.312.817.316.6
208113.312.817.316.6
208213.312.817.316.6
208313.312.817.416.7
208413.312.817.416.7
208513.312.817.516.8
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