The Trump proposals call for reducing the top tax marginal tax bracket from 39.3 to 33 percent, repealing the Alternative Minimum Tax, and repealing numerous deductions. All income brackets would get some reduction, but just over three quarters of this reduction would go to the top twenty percent of taxpayers who would see their average tax rate reduced by 4.9 percent. The Tax Foundation, using dynamic scoring, projects that the resulting loss of Federal revenue will average at least $105.8 billion per year. For the public, the majority does not reduce the taxes of any income group. But they do make tax increases for higher earners income. Starting with a slight majority raising taxes on incomes starting at $100,000 (the top 22 percent of earners) by 5 percent, with larger percentages proposing 5 percent increases at higher income levels. At the million- dollar income level, 52 percent are ready to raise taxes by 10 percent. Majorities raise revenues a total of $63.3 billion. Republicans started raising rates 5 percent on income starting at $200,000, producing a total of $34.1 billion in revenue. Democrats raise rates 5 percent starting at $100,000, going up to 10 percent starting at $500,000, producing a total of $69.6 billion in revenue. Read more on Capital Gains and Dividends, Corporate Taxes, Estate Tax, Owners of Pass-Through-Entities and Carried Interest at: http://vop.org/trump_tax_reform/ The survey was fielded March 8-16 with a national probability-based sample of 1,817 registered voters, provided by Nielsen Scarborough from its sample of respondents, recruited by mail and telephone using a random sample of households. The margin of error was +/-2.3 percent. The full report, which includes responses to spending items and other revenue options, will be forthcoming in the next weeks. A full chart of the comparative revenue effects of the tax proposals with partisan breakdowns can be seen at:
http://vop.org/wp-content/uploads/2017/03/Comparing_Revenues.pdf The questionnaire can be seen at:
http://vop.org/wp-content/uploads/2017/03/Budget_Quaire_Revenues.pdf Contact: Rich Robinson
202-232-7500 or [email protected] SOURCE Voice Of the People
97 Percent of Americans Can't Pass This Tax History Quiz. Can You Pass It?
There are two things certain in this world: death and taxes. Most people dread having to do their taxes every year, but it really helps to know the history of the U.S. tax system to understand how it all works. How much do you really know about tax history? Do…
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