U.S. Senator Ben Cardin (D-MD) has published a revised version of the Progressive Consumption Tax Act (PCTA) originally introduced in 2014. The revised version is to be reintroduced in the 115th congress, which will begin 3 January 2016. The revised bill includes:
- A 10% consumption tax on supplies of both goods and services, with a zero-rate for exports, as well as exemptions for financial supplies, residential housing, residential rent, and small businesses with annual revenue below USD100,…