The most exhaustive look at the Republican tax plan I’ve seen was written by David A. Weisbach of the University of Chicago Law School. He notes that the Republican plan would simplify the rates and close a lot of loopholes — the simplification framework — but it wouldn’t radically reshape the taxation of individuals.

Business taxes, meanwhile, would be transformed. The Republican plan cuts corporate rates, allows the immediate expensing of investments and eliminates the taxation of income from sales in foreign countries while raising an import tax, which functions sort of like a VAT. “These changes would go a long way toward shifting the tax system to taxing consumption rather than income,” Weisbach writes.

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