The Committee for Economic Development released a comprehensive tax reform proposal entitled A New Tax Framework: A Blueprint for Averting a Fiscal Crises this past Tuesday at the National Press Club in Washington, DC. The CED proposal calls for a new hybrid federal tax system featuring a phased-in 10 percent Value-Added Tax (VAT) to supplement a reformed and streamlined federal income tax. Notably, the report recommends the retention of the estate tax at the 2009 levels under current law ($3.5 million exemption and 45 percent marginal tax rate). Read the Report: Press Release (.pdf) Executive Summary (.pdf) Full Report (.pdf)