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1 Patrick Fleenor & Andrew Chamberlain, America's Shrinking Income Tax Base Requires Higher Rates for Everyone 1 (2005)

handle is hein.taxfoundation/ffdaxz0001 and id is 1 raw text is: FOUNATO September 21, 2005 America's Shrinking Income Tax Base Requires Higher Rates for Everyone by Patrick Fleenor and Andrew Chamberlain An ideal tax system is one that taxes a wide base at a low rate. Unfortunately, the current federal individual income tax system does neither. Thanks to a myriad of exclusions and preferences, the current system taxes just 40 percent of actual income in the U.S. As a result, income tax rates are more than twice as high as they could otherwise be. Figures 1 and 2 below illustrate how various tax provisions have eroded the federal income tax base, requiring higher overall tax rates for all Americans. Figure 1. Credits, Deductions and Other Tax Provisions Erode the Tax Base Source. Tax Foundation ................... x 1111 !lillli --- - ---- -------- ............... ..................................

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