I took a swing at reworking the tax brackets. I replace the standard deduction with a negative tax rate in the first bracket (bracket -1). The brackets I've redrawn result in a tax reduction for incomes below ~$130k, and an increase for incomes above it. I bring the top bracket up to 50% (for the first time since 1986). Due to the negative first tax bracket, people with income under ~$32k would receive a small tax credit, which works well since that's right around the federal poverty level for a family of 4.
No clue how this would affect the federal revenue as I haven't done the math, but I'm relatively sure the books would balance between my changes and increasing the corporate tax rate to 35%. Plan to transition the rates over 6 years or so.
If Biden promised this, and it was marketed well, I bet we could see a blue wave.
I took a swing at reworking the tax brackets. I replace the standard deduction with a negative tax rate in the first bracket (bracket -1). The brackets I've redrawn result in a tax reduction for incomes below ~$130k, and an increase for incomes above it. I bring the top bracket up to 50% (for the first time since 1986). Due to the negative first tax bracket, people with income under ~$32k would receive a small tax credit, which works well since that's right around the federal poverty level for a family of 4.
https://imgur.com/a/4aajKqb
No clue how this would affect the federal revenue as I haven't done the math, but I'm relatively sure the books would balance between my changes and increasing the corporate tax rate to 35%. Plan to transition the rates over 6 years or so.
If Biden promised this, and it was marketed well, I bet we could see a blue wave.