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2017-03-25 发布于江苏
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presentation to the panel of federal tax reform021605.ppt

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presentation to the panel of federal tax reform021605

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