Instead of cutting the federal deficit, put more money into the pockets of average working families by expanding the Earned Income Tax Credit to include people earning up to $50,000 per year and reduce their income taxes to $0.
Exempt the first $20,000 from payroll taxes.
Pay 10% on incomes between $50,000 - $90,000/year.
Pay 20% on incomes between $90,000 - $120,000/year.
Pay 30% on incomes between $120,000 - $250,000/year
Make up the missing money by increasing the taxes on those responsible for causing our Great Recession:
"Make up the revenues by increasing taxes on incomes between $250,000 to $500,000 to 40 percent; between $500,000 and $5 million, to 50 percent; between $5 million and $15 million, to 60 percent; and anything over $15 million, to 70 percent.
"And raise the ceiling on the portion of income subject to payroll taxes to $500,000.
"Its called progressive taxation."
Robert Reich
Exempt the first $20,000 from payroll taxes.
Pay 10% on incomes between $50,000 - $90,000/year.
Pay 20% on incomes between $90,000 - $120,000/year.
Pay 30% on incomes between $120,000 - $250,000/year
Make up the missing money by increasing the taxes on those responsible for causing our Great Recession:
"Make up the revenues by increasing taxes on incomes between $250,000 to $500,000 to 40 percent; between $500,000 and $5 million, to 50 percent; between $5 million and $15 million, to 60 percent; and anything over $15 million, to 70 percent.
"And raise the ceiling on the portion of income subject to payroll taxes to $500,000.
"Its called progressive taxation."
Robert Reich