Gephardt's Tax Plan Debate

IS THIS THE FAIREST TAX PLAN

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IS THIS THE FAIREST TAX PLAN ?

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PRO 1

75% of all taxpayers pay taxes at no more than a 10% rate, and tax rates are lower for all Americans

 

PRO 2

does not increase the deficit

 

CON 2.1

ISN'T IT IMPOSSIBLE TO DECREASE THE TAX RATES AND NOT INCREASE THE DEFICIT.

 

PRO 3

The marriage penalty would be eliminated

 

PRO 4

The deduction for mortgage interest and the exclusion of employer-provided health care are retained

 

PRO 5

taxes all income -- earned and unearned, LIKE WAGES, INTEREST, DIVIDENDS, AND CAPITAL GAINS.

 

PRO 6

cuts corporate welfare by more than $50 billion

 

CON 6.1

CORPORATIONS WILL JUST RAISE THEIR PRICES TO MAKE UP THE DIFFERENCE.

 

PRO 7

Tax is as progressive as today’s tax system

 

CON 7.1

HOW IS IT FAIR TO TAX THE SUCCESSFUL AT A HIGHER RATE THEN EVERYONE ELSE? 

 

PRO 7.2

SEE THE DEBATE PROGRESSIVE TAX RATE.

 

PRO 8

drastically reduces the more than $300 billion and 4.5 billion hours spent on preparing and filing tax returns

Tax allows dramatic cuts in the Internal Revenue Service

 

PRO 9

THE PLAN PROVIDES A $2,900 PERSONAL DEDUCTION AND STANDARD DEDUCTIONS OF $9,000 MARRIED, $6,600 HEAD OF HOUSEHOLD, AD $4,500 FOR SINGLE.  

 

Marginal Tax Rate of 10%:

  • Married: $0-46,000

  • Head of Household: $0-32,000

  • Single: $0-23,000

 Marginal Tax Rate of 32%:
  • Married: $150,000-275,000
  • Head of Household: $75,000-137,500
  • Single: $75,000-137,500

Marginal Tax Rate of 20%:

  • Married: $46,000-80,000

  • Head of Household: $32,000-40,000

  • Single: $23,000-40,000

 Marginal Tax Rate of 34%:
  • Married: Income over $275,000
  • Head of Household: Income over $137,500
  • Single: Income over $137,500

Marginal Tax Rate of 26%:

  • Married: $80,000-150,000

  • Head of Household: $40,000-75,000

  • Single: $40,000-75,000

 

 

 

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