presentation to the panel of federal tax reform培训教程文件.pptVIP

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presentation to the panel of federal tax reform培训教程文件.ppt

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Presentation to the Presidents Advisory Panel on Federal Tax Reform February 16, 2005 Overview Some History Taking Stock Why We Are Where We Are A Modest Beginning . . . 1913: 16th Amendment and the Income Tax Less than 1% of population subject to income tax Accomplished solely through $3,000 exclusion ($57,000 in 2004 dollars) for singles and $4,000 exclusion ($76,000 in 2004 dollars) for married couples Rates: From 1% to 7% (on incomes above $500,000) ($9.6 million in 2004 dollars) From A Modest Beginning . . . 1916: the Death Tax From 1% on estates above $50,000 ($870,000 in 2004 dollars) to . . . . 10% on estates above $5,000,000 ($87,000,000 in 2004 dollars) To Funding a War, . . . WW I and its aftermath (1917 – 1924) Significant temporary rate increases (15% ? 67% ? 77% . . . and back to 25% by 1925) A sea change (so to speak): Excise taxes and tariffs fall from 80% of federal revenue in 1914 to about 30% in 1924 Deductions for home mortgage (and other) interest, charitable contributions, and state and local taxes; capital gains preference; exemptions for children . . . And Fueling a Depression 1929 – 1936 Old School: raise taxes in a depression to provide revenue for the government (from 24% top rate in 1929 to 63% by 1932 and 79% by 1936) FDR and the New Deal: Laying a Foundation 1934: Social Security 2% payroll tax on first $3,000 of wages ($42,000 in 2004 dollars) Today: 12.4% on first $90,000 of wages Covered only industrial/commercial workers Today: covers more than 95% of all workers Normal Retirement Age (NRA) of 65 in era where life expectancy was 62 Today: NRA heading to 67; life expectancy well over 75 Wages and benefits not indexed Today: pre-retirement wages indexed by Average Wage Index (since 1940); post-retirement benefits indexed by CPI (since 1972) Payroll tax withholding The New Deal: From Class Tax to Mass Tax 1942 - 1944: From Class Tax to Mass Tax Reduce personal exemptions to the point where percentage of the population subject