TORTURED TAXATION

Increasing personal income tax rates across-the-board by 10% without any income exemptions would raise $221 billion/year in new revenue. With a $100,000/year exemption, this policy would raise $166 billion/year. With a $250,000/year threshold, revenue growth is $90 billion/year, and at Biden/Harris’ $400,000/year threshold, which excludes 95% of all payers, revenues raised are only $71 billion/year. Exempting large portions of the tax base seriously stymies revenue raising, forcing other tax increases.