This tax would effectively be regressive, hurting those with lower incomes and retired members of society. I don't foresee the rebate being large enough either to compensate for the huge hike in tax percentage. This bill would also discourage the rich from paying their fair share and would increase inflation as more money is removed from circulation. The fact that corporations would no longer pay any taxes whatsoever is ridiculous and would further increase stagnancy. This bill is a terrible idea that would further increase the gap between poor and rich.