Word: taxed
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RENWICK: What is really driving the agenda for these tax moves is not so much simplifying the tax system as shrinking the tax revenues and shrinking government...
TIME: Do you think it is possible to have a consumption-tax system that doesn't reduce overall tax revenue...
JEFFERSON: Oh, yes. I think there should be, at least in principle, a rate structure on a consumption tax with a flat rate on businesses and increasing marginal tax rates on individuals that should yield revenue consistent with what we are collecting...
SAWICKY: Broadly speaking, going from income to consumption base means a narrower tax base...
BRADFORD: But you are neglecting things like corporate tax sheltering going on now, at huge volumes. I think you actually probably would broaden the base. Anyway, I think it would be more progressive than the system we have...