Fair Tax Nation

Replace All Federal Taxes on Income with the Fair Tax Act , HR 25

Can anyone make heads or tails of this?

JOINT COMMITTEE ON TAXATION
March 30, 2009
JCX-22-09
(millions of dollars)
Provision Effective 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010-14 2010-19
I. Index to Inflation the 2009 Parameters of the
AMT as Enacted in the American Recovery and
Reinvestment Act…………………………………… tyba 12/31/09 -6,678 -68,963 -30,581 -33,927 -37,236 -41,211 -46,161 -52,484 -60,393 -69,574 -177,385 -447,209
II. Make Permanent Certain Tax Cuts Enacted in
ESTIMATED BUDGET EFFECTS OF THE REVENUE PROVISIONS CONTAINED IN
THE PRESIDENT'S FISCAL YEAR 2010 BUDGET PROPOSAL [1]
Fiscal Years 2010 - 2019
[Millions of Dollars]
2001 and 2003:
A. Permanently Extend Capital Gains and Dividends
0%/15% Rates; Add a 20% Rate for Taxpayers
Otherwise in the 36% and 39.6% Brackets......... tyba 12/31/10 -167 -4,867 -20,399 -24,798 -26,573 -27,886 -28,950 -29,782 -30,685 -31,555 -76,804 -225,662
B. Permanently Increase the Maximum Amount
and Phaseout Threshold Under Section 179
that are Scheduled to Expire After 2010............. tyba 12/31/10 --- -2,428 -4,439 -3,707 -3,043 -2,325 -1,665 -1,212 -965 -874 -13,618 -20,661
C. Reductions in Individual Income Tax Rates [2]
1. Retain 10% bracket........................................ tyba 12/31/10 --- -40,376 -59,413 -61,775 -63,885 -65,913 -68,056 -70,531 -73,024 -75,607 -225,448 -578,580
2. Retain the 25%, 28%, and part of the 33%
income tax rate brackets................................. tyba 12/31/10 --- -27,475 -40,840 -43,379 -46,252 -49,205 -52,064 -54,894 -57,646 -60,538 -157,947 -432,295
D. Child Tax Credit Extend $1,000 Credit,
Refundability, and AMT rules [2]....................... tyba 12/31/10 --- -5,804 -29,077 -29,342 -29,547 -29,677 -29,772 -29,885 -29,938 -30,095 -93,770 -243,137
E. Marriage Penalty Relief [2]................................. tyba 12/31/10 --- -18,189 -31,233 -32,803 -34,281 -35,551 -36,814 -38,159 -39,460 -41,016 -116,506 -307,507
F. Education Incentives [3]...................................... generally 1/1/11 --- -793 -1,596 -1,676 -1,728 -1,818 -1,913 -2,021 -2,183 -2,287 -5,792 -16,014
G. Make Permanent the Estate, Gift, and
Generation-Skipping Transfer Taxes; Extend
2009 Law and Index Estate Tax Exemption
for Inflation; Gift Tax Lifetime Exclusion to
Remain at $1 Million........................................... dda 12/31/09 384 -1,993 -19,586 -23,496 -27,342 -30,901 -33,756 -37,176 -39,633 -42,745 -72,032 -256,244
H. Other Incentives for Families and Children [2]
[4]........................................................................ tyba 12/31/10 --- -214 -797 -857 -884 -906 -924 -947 -969 -963 -2,752 -7,461

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Comment by Mark and Aracelis Thompson on June 24, 2009 at 9:01am
Pretty much what they are talking about.

Capital gains to 20\%, phase out of Bush tax cuts, Obama tax cuts for "95%", death taxes and child credits.

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