In his recent book 100 Million Unnecessary Returns: A Simple, Fair, and Competitive Tax Plan for the United States (Yale University Press,  January 2008), Yale Law School professor Michael Graetz proposes a fundamental tax reform that would replace income taxes on low- and middle-income households with a value-added tax on goods and services. His “Competitive Tax Plan” would also cut the corporate income tax rate to 15 or 20 percent from the current 35 percent. Graetz argues that his plan is simple and progressive and that while it helps to restore fiscal discipline, it will also improve America’s economic competitiveness.

At this book forum, Graetz will present the key findings of his book. Lily Batchelder of New York University, David A. Weisbach of AEI and the University of Chicago Law School, and AEI’s Alan D. Viard will respond. Kevin A. Hassett, director of economic policy studies at AEI, will moderate.