To: azcap
I surprized you would ask such a question. It's very clear:
The plan is a bifurcated subtraction-method VAT where labor compensation is deducted at the business level and taxed at the individual level at progressive rates of 15, 25 and 35 percent. All business investment is expensed and interest is generally neither includible in nor deductible from the tax base.23 To conform to the Presidents directive that tax reform recognize the importance of owner-occupied housing, the PCT includes a 15 percent nonrefundable capped tax credit for home mortgage interest payments.
See?
12 posted on
06/13/2006 6:22:52 PM PDT by
wolfpat
(To connect the dots, you have to collect the dots.)
To: wolfpat
The only other place I have ever seen the word "Bifurcated" used is in the description of The Devil's tail. hmmmm
20 posted on
06/13/2006 9:02:58 PM PDT by
azcap
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