About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

1 Kyle Pomerleau, Details and Analysis of the Main Street Tax Plan 1 (2016)

handle is hein.taxfoundation/damnsttp0001 and id is 1 raw text is: TAXS FOUNDATION FISCAL FACT Feb. 2016 No. 502 The Tax Foundation is a 501(c)(3) non-partisan, non-profit research institution founded in 1937 to educate the public on tax policy. Based in Washington, DC, our economic and policy analysis is guided by the principles of sound tax policy: simplicity, neutrality, transparency, and stability. @2016 Tax Foundation Distributed under Creative Commons CC-BY NC 4.0 Editor, Melodie Bowler Designer, Colby Pastre Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 202.464.6200 taxfoundation.org Details and Analysis of the Main Street Tax Plan By Kyle Pomerleau Economist, Director of Federal Projects Key Findings: * The Main Street Tax Plan would enact a number of changes that would lower marginal tax rates while broadening the U.S. tax base. * The Main Street Tax Plan would reduce tax revenue by over $1 trillion over the next decade on a static basis. However, the plan would end up collecting $679 billion over the next decade when accounting for increased economic output in the long run. * A majority of the revenue loss from the plan would come from the elimination of the Medicare payroll tax, which would reduce revenues by $2.6 trillion over a decade. * According to the Tax Foundation's Taxes and Growth Model, the plan would increase GDP by 7.6 percent over the long term due to lower marginal tax rates on capital and labor. * On a static basis, the tax plan would lead to 0.7 percent lower after-tax income for the top 10 percent of taxpayers and 1.7 percent lower income for the top 1 percent. When accounting for reduced GDP, after-tax incomes of all taxpayers would fall by at least 0.9 percent.

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most