Question
Assume that we have already decided to raise taxes on the very rich (it still only brings in an extra $200-$250 billion per year) but
Assume that we have already decided to raise taxes on the very rich (it still only brings in an extra $200-$250 billion per year) but we still need to do many things to close the gap between taxes collected and spending.
Whats the best option for thisjQuery224006017853950647489_1604817807986 please i need to know
Raise All Tax Rates on Ordinary Income. Each of the seven statutory tax rates - 10%, 15%, 25%, 28%, 33%, 35%, and 39.6% -
Implement a New Minimum Tax on Adjusted Gross Incomes (AGI) for Taxpayers Exceeding $1 Million in AGI. This option would impose a new minimum tax equal to 30% for taxpayers with AGI above $1 million. They would also receive a credit equal to 28% of their charitable contributions.
Increase Tax Rate on Long-Term Capital Gains and Dividends. This change would hit the higher income earners, but might have some impact on capital investment.
Include Foreign Income in Taxable Income. U.S. citizens living outside the country can exclude $200,000 from taxation, even if they pay no taxes to the country in which they live. While the change would continue the deduction for taxes paid to foreign governments, it would ensure tax parity with U.S. citizens.
Tax Social Security Benefits. This change would treat Social Security benefits similarly to the way defined benefit pensions are taxed
. Increase Corporate Taxes. While the highest tax bracket is 21% for corporate income above $10 million, the effective rate is much lower due to tax credits and the lower taxes that apply to income below the $10 million threshold.
Increase Excise Taxes on Fuel to 35 Cents per Gallon. Currently, federal excise tax on a gallon of gasoline is 18.4 cents and 24.4 cents for a gallon of diesel fuel. These rates were established in 1993 when crude oil prices were $16.75 per barrel; oil prices reached over $140 per barrel in 2008 and have fallen to the low-$40 range since.
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