[xcamel]

No endorsement of the FT whatsoever, but anyone with a brain would just say:
“If the PB goes to everyone regardless of income, delete it, and lower the rate.”

[expatpat]

There is a difference: the rebate is a lump sum and makes the FT less regressive compared with the IT or your version.

[PubliusMM]

Correct. Delete the prebate and lower the FT rate.

Gonna swing you to the dark side, yet, xcamel.