07 Jul WHICH PLANS HAVE THE SAME TAX RATE ON INCOME AND CAPITAL GAINS?
Candidate 1: Adds a 4% surtax on income over $ Show more Review the candidates tax proposals: Ordinary Income Candidate 1: Adds a 4% surtax on income over $5 million Candidate 2: Establishes four new brackets of 37% 43% 48% and 52%. The top rate applies to taxable income over $10 million. Raises the rate of all other brackets by 2.2%. Candidate 3: Establishes a flat rate of 10%
One proposed solution to the funding problems faced by Social Security and Medicare is to increase t Show more One proposed solution to the funding problems faced by Social Security and Medicare is to increase the retirement age from 67 to 70. Although this would mean billions of dollars in savings for these federal programs an unintended consequence may be: a. a decrease in life expectancy. b.an increase in the unemployment rate. c.an increased number of elderly people in the workforce. d.less incentive for people to work longer. e.an increased incentive for people to work longer. Show less
n all ordinary income. Increases the standard deduction to $10000 per filer. Candidate 4: Establishes four tax brackets with rates of 0% 10% 20% and 25%. The top rate applies to income over $150000 for single filers and $300000 for joint filers. Capital Gains and Dividends Candidate 1: Adds a 4% surtax on income over $5 million. Raises rates on medium-term capital gains (investments held for less than six years) to between 24% and 39.6%. Candidate 2: Taxes capital gains and dividends at ordinary income rates for households with incomes over $250000. Candidate 3: Lowers the rate on capital gains and dividends income to 10%. Candidate 4: Eliminates the net investment income surtax (applies to high incomes) 1. Which tax plan(s) is/are proportional taxes? 2. Which plans are the most progressive? 4. Which plans have the same tax rate on income and capital gains? 5. Discuss what principles underlie each plan? Show less
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