Every year, the IRS adjusts more than 40 tax provisions for inflation. This is done to prevent what is called “bracket creep.” This is the phenomenon by which people are pushed into higher income tax brackets or have...
- Putting a Face on America's Tax Returns: Chart 27
Putting a Face on America's Tax Returns: Chart 27
Executive Summary Senators Marco Rubio (R-FL) and Mike Lee (R-UT) have developed a plan to reform the individual and corporate income tax codes. Major elements of the plan would: Reduce the number of tax brackets to two (15 percent and 35...
Executive Summary Representative Devin Nunes (R-CA) seeks to reform how the federal government taxes business income. Major elements of his plan are: Cutting the corporate income tax to 25 percent; Limiting the top tax rate on non-corporate...
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