In "100 Million Unnecessary Returns," Michael Graetz, professor of law at Columbia University, proposed sweeping tax reform that would remove most current taxpayers from the income tax rolls, reform the corporate income tax, significantly reduce the top individual and corporate rates, and adopt a value-added tax (VAT) as the principal tax paid by most Americans. Under a contract with The Pew Charitable Trusts, TPC prepared a detailed analysis of the Graetz proposal. We have updated some of the tables from our previous analysis that reflect the revised proposal as well as updated economic assumptions and technical improvements.