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By Joel Slemrod
"Citizens should still learn Taxing Ourselves sooner than casting their votes in neighborhood, kingdom, and nationwide elections. Politicians may still learn Taxing Ourselves earlier than taxing us." —Richard C. Schiming, enterprise Library overview To keep on with the talk over tax reform, the citizen is pressured to select from deceptive sound bites and educational treatises. Taxing Ourselves bridges the distance among the 2 through featuring in transparent nontechnical language the major concerns in tax reform: who should still pay taxes, how taxes have an effect on the economic climate, and no matter if to reform or exchange the present tax procedure. The authors talk about numerous substitute proposals intimately, together with the flat tax and the revenues tax, yet they aren't advocates for any of them; in its place, they supply readers with the information and the tools—including an informative review of the U.S. tax procedure and a useful voter's consultant to the tax coverage debate—to make their very own trained offerings approximately how we must always tax ourselves. The 3rd version of this well known consultant has been commonly revised and up-to-date to hide all adjustments in tax legislation via might 2003 and to mirror the latest study and correct info. It additionally offers new or increased therapy of matters within the present debate, together with tax cuts and whether or not they stimulate the economic climate, mark downs incentives, double taxation of company source of revenue, the property tax, company tax shelters, and the industrial and political results of price range deficits.
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Extra resources for Taxing Ourselves, 3rd Edition: A Citizen's Guide to the Debate over Taxes
Example text
30 One common fallacy about the tax schedule is that moving to the next higher bracket can actually increase tax so much that after-tax income is reduced. This is untrue because the marginal tax rates apply only to the income within that bracket. For example, a married couple with $56,800 of taxable income is at the top end of the 15 percent bracket.
For now, we provide a brief overview of how some major examples of these plans worked as of 2003 and save evaluation and discussion of reform options for chapter 8. Most tax-sheltered saving for retirement takes place in two basic types of employer-provided pension plans—defined-benefit plans and defined-contribution plans. In defined-benefit plans, employees are promised a fixed level of benefits in retirement that may, for example, be set at some percentage of the average wage and salary income he or she received from the firm in some period of years preceding retirement.
21 Most other items in AGI represent returns to the ownership of capital (dividends, interest, capital gains, rents, royalties) or a combination of labor and capital income (such as profits from farms and small businesses). Some types of income, such as most wages and salaries, are included in AGI in a straightforward fashion and require little elaboration. But others involve special complications, which deserve some mention here. One major divergence from the idealized measure of income is that our tax system counts all interest, dividends, and capital gains or losses at their nominal values rather than at their real (inflation-adjusted) values.