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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Sep 11, 1996.
TABLE OF CONTENTS: Title I: Repeal of Individual and Corporate Income Taxes and Social Security and Medicare Taxes Title II: Value Added Tax Title III: Burden Adjustments Revenue Restructuring Act of 1996 - Title I: Repeal of Individual and Corporate Income Taxes and Social Security and Medicare Taxes - Amends the Internal Revenue Code to repeal the individual, corporate, social security and tier I railroad retirement, and Medicare taxes. Title II: Value Added Tax - Amends the Code to establish a 20 percent value added tax on business activity. Sets forth provisions regarding: (1) tax computation; (2) administration and operating rules; (3) small business tax exemption; and (4) definitions. Title III: Burden Adjustments - Amends the Code to provide for value added tax burden adjustments consisting of specified rebates for low-income individuals and tax increases for high-income individuals.