We also propose reforms to giveaway to the wealthy at the expense of equalize the tax treatment of stock buybacks with workers and future generations, who will have dividends, curtail the abuse of nonprofit status to bear the burden of paying the debt used to by profitable businesses, and cut other inefficient finance it. [...] provisions in the Tax Cuts and Jobs Act (TCJA) Making just these rate cuts permanent would had merit, the net effect of the legislation was a cost an additional $3.4 trillion over the coming massive giveaway to the wealthy at the expense decade.109 PPI proposes to reverse these of workers and future generations who will have unaffordable income tax cuts by implementing to bear the burden of the de. [...] PEPPR more so if the cap expires at the end of 2025.144 would provide population-weighted block grants The after-tax income of the average household in whose total value nationally is roughly equal the middle fifth of the income distribution would to 50% of the combined value of the repealed increase by less than 0.2% if the SALT cap were tax expenditures (based on savings estimates removed and st. [...] 9).145 the impact of recessions on state budgets The top fifth of income earners would receive 96% and the economy overall, PPI recommends of the tax benefits from allowing the SALT cap to the exact value of a state’s PEPPR grant in a expire, with over half the benefit going to the top given year vary depending on macroeconomic 1% alone, making it a massive tax cut for the well- circumstances. [...] Prior international investment by reducing what was to the TCJA, these expenses had to be deducted then the highest corporate income tax rate in over the useful life of the investment instead the Organisation for Economic Co-Operation of during the year in which the money was and Development (OECD) and paying for it spent.
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- Pages
- 160
- Published in
- United States of America
Table of Contents
- INTRODUCTION 5
- Summary of Recommendations 11
- I. Replace Taxes on Work with Taxes on Consumption 18
- 1. Repeal the Payroll Tax 18
- 2. Adopt a Value-Added Tax 20
- 3. Enact a Carbon Tax 20
- 4. Replace the Gas Tax with a Vehicle-Miles Traveled Tax 22
- 5. Turn the EITC into a Living-Wage Tax Credit 23
- 6. Replace the Estate Tax with a Progressive Inheritance Tax 25
- II. Make the Individual Income Tax Code Simpler and More Progressive 27
- 7. Raise Individual Income and Capital Gains Tax Rates 27
- 8. Close Capital Gains Tax Loopholes 29
- 9. Make Permanent Changes to the Standard Deduction and Personal Exemptions 30
- 10. Limit the Value of All Itemized Deductions 31
- 11. Replace Indirect Tax Subsidies for State and Local Governments With Direct Grants 32
- 12. Extend Limits on Wealthy Pass-Through Business Owners 34
- 13. Temporarily Freeze Retirement Contribution Limits and Close Loopholes 34
- III. Reform the Business Tax Code to Promote Growth and International Competitiveness 36
- 14. Allow Immediate Deductions for Investment Instead of Interest 36
- 15. Raise the Corporate Income Tax Rate to 25% 38
- 16. Equalize the Tax Treatment of Dividends and Stock Buybacks 39
- 17. Reform the Tax Treatment of Nonprofits 39
- 18. Repeal Special-Interest Tax Expenditures 41
- 19. Reform the Corporate Alternative Minimum Tax and Protect Our International Tax Base 41
- IV. Secure America's Global Leadership 43
- 20. Increase Appropriations to Meet Our Research and Development Goals 43
- 21. Defend Democracy with Smarter Military Spending 45
- 22. Cut Tariffs and Make Trade Deals 47
- 23. Repeal Counterproductive Protectionist Policies 49
- 24. Modernize Our Immigration System for the 21st Century 50
- V. Strengthen Social Security’s Intergenerational Compact with Pro-Work Reforms 51
- Calculate Benefits Based on Years Worked Instead of Lifetime Earnings 54
- 26. Adjust the Retirement Age to Improve Simplicity and Equity 56
- 27. Change Cost-of-Living-Adjustments 58
- 28. Reform Survivor Benefits to Reduce Poverty 58
- 29. Reduce Spousal Benefits 59
- 30. Improve Disability Insurance 60
- 31. Increase Taxes on High-Income Social Security Benefits 60
- VI. Modernize Medicare 61
- 32. Consolidate Medicare Parts A, B, and D into a Streamlined “Medicare One” Benefit 61
- 33. Base Medicare Premium Subsidies on Average Bids 63
- 34. Create a Budget-Neutral Medicare Buy-in for People Ages 55-64 64
- 35. Expand the Use of Site-Neutral Payment Policies 65
- 36. Rebase Medicare Payment Rates on Current Levels 65
- 37. Expand Telehealth Access in Medicare 66
- 38. Reform GME and IME Payments 66
- VII. Cut Health-Care Costs and Improve Outcomes 68
- 39. Set a Maximum Rate on What Providers Can Charge for Out-of-Network Care 68
- 40. Make Prescription Drugs More Affordable 70
- 41. Create a Public Health Security Fund 71
- 42. Permanently Smooth the ACA Subsidy Cliff 72
- 43. Encourage State Innovation in Medicaid 73
- 44. Curtail Medicaid Financing Gimmicks 74
- VIIi. Support Working Families and Economic Opportunity 75
- 45. Provide Paid Parental Leave Benefits 75
- 46. Expand the Child Tax Credit 76
- 47. Expand Public Education to Include Preschool 77
- 48. Replace Regressive Tax Subsidies for Higher Education with a “Super Pell” Program 78
- 49. Expand Educational Pathways to High-Quality Jobs 79
- 50. Control the Cost of College 80
- 51. Reform Income-Driven Repayment 81
- 52. Create Child Opportunity Accounts 83
- 53. Increase Funding for Community Development Financial Institutions 85
- VIII. Make Housing Affordable for All 86
- 54. Create a “Race-to-the-Top” Zoning Grant 87
- 55. Capitalize a Housing Construction Bank 88
- 56. Phase Out Regressive Tax Subsidies for Real Estate 88
- 57. Reform and Phase In an Expansion of Housing Choice Vouchers 89
- X. Rationalize Safety-Net Programs 91
- 58. Smooth the SNAP Benefits Cliff 91
- 59. Increase Asset Caps for Supplemental Security Income 92
- 60. Repurpose TANF Funds 93
- 61. Reform Agriculture Subsidies 94
- 62. Replace All Cost-Of-Living Adjustments Indexed to CPI-W with Chained CPI-U 95
- XI. improve public administration 97
- 63. Restore and Reform IRS Enforcement Funding 97
- 64. Stop Processing Claims for the Employee Retention Tax Credit 97
- 65. Deschedule and Tax Marijuana 98
- 66. Improve Competition Enforcement to Cut Costs for Consumers 99
- 67. Incentivize Fair Fines and Fees at the Local Level 99
- 68. Equalize Retirement Contributions for Federal Employees Hired Before and After 2013 100
- 69. Extend the Window for Using Loan Programs Office Appropriations 101
- XII. Manage public debt responsibly 102
- 70. Improve Automatic Stabilizers 102
- 71. Reform the Debt Limit 103
- 72. Create a Durable Public Investment Budget 105
- 73. Restore Fiscal Democracy 106
- About the Center for Funding America’s Future 159
- Bookmark 90 5
