Comprehensive Tax Structure and Comparison Analysis

Explore a detailed comparison of current sales and income tax structures with a revenue-neutral alternative system, showcasing the percentages paid based on income levels. Delve into comparisons of tax liabilities for different scenarios involving similar taxpayers with and without excess itemized deductions, including retired couples and working individuals earning varying incomes.

• Tax structure
• Income tax
• Sales tax
• Tax comparison
• Revenue-neutral

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Uploaded on Sep 29, 2024 | 0 Views

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1. Tax Comparisons

2. Current Sales and Income Tax Structure % of Sales and PIT Paid % of Income Top 1.1% Next 3.1% Next 13.7% Fourth 18.7% Middle 17.9% Second 22.8% lowest 22.6% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%

3. Revenue Neutral Alternative System with No exemptions, exclusions, deductions or credits and single rate of 3.1 for sales and 2.75 for income % of Sales and PIT Paid % of Income Top 1.1% Next 3.1% Next 13.7% Fourth 18.7% Middle 17.9% Second 22.8% lowest 22.6% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00%

4. Comparison of Similar Taxpayers Retired couple, no excess itemized deductions, drawing $60,000 per year State employees Private employees Working couple, no excess itemized deductions, making $60,000 per year Same comparisons but with excess itemized deductions on federal returns

5. Comparison of Similar Taxpayers Retired couple, no excess itemized deductions, drawing $100,000 per year State employees Private employees Working couple, no excess itemized deductions, making $100,000 per year Same comparisons but with excess itemized deductions on federal returns

6. Comparison of Similar Taxpayers Retired couple, no excess itemized deductions, drawing $150,000 per year State employees Private employees Working couple, no excess itemized deductions, making $150,000 per year Same comparisons but with excess itemized deductions on federal returns