Cardin's proposal would impose a 10 percent consumption (or value-added) tax on all goods and services. But it would eliminate income tax on the first $100,000 in annual income for households or $50,000 for individuals. It would keep income tax for three marginal brackets, topping out at 28 percent for households above $500,000. It would keep four deductions — for charitable contributions, state and local taxes, health and retirement benefits, and mortgage interest. Cardin's proposal would set the corporate tax rate at 17 percent, about half what it is now. It would cap government spending at 10 percent of gross domestic product and give the excess revenue back to taxpayers.