Should We Eliminate the Social Security Tax Cap?
There have been a number of proposals to increase, eliminate, or otherwise adjust the payroll tax cap as a way to shore up Social Security’s finances.
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There have been a number of proposals to increase, eliminate, or otherwise adjust the payroll tax cap as a way to shore up Social Security’s finances.
Here we analyze the extent to which more funding impacts tax compliance, the tax gap, and federal revenues.
https://www.pgpf.org/blog/2023/12/would-increased-funding-for-the-irs-narrow-the-tax-gap
The federal budget deficit rose to $666 billion for fiscal year 2017 — an increase of around $80 billion from the previous year.
https://www.pgpf.org/blog/2017/10/federal-budget-deficits-rising-even-before-tax-cuts
There are separate limits on the amount of funding that can be provided for defense and nondefense purposes through the appropriation process.
https://www.pgpf.org/blog/2018/03/budget-process-reform-what-are-budget-caps
The total cost of the Tax Cuts and Job Act is estimated to be $1.7 trillion between 2018 and 2027.
https://www.pgpf.org/blog/2017/11/what-the-interest-on-deficit-funded-tax-legislation-would-cost
Cracking down on the tax gap would not only introduce more fairness into the system, but it could be a big help for our nation’s fiscal imbalance.
Many options exist to reduce the imbalance between spending and revenues, including additional taxes on wealthier Americans.
https://www.pgpf.org/blog/2023/04/five-different-ways-of-raising-taxes-on-the-wealthiest-americans
A new paper from Manhattan Institute’s Brian Riedl examines ways to raise revenue from high-income Americans.
The statutory tax rate is the percentage imposed by law. The effective tax rate is the percentage of income actually paid.
The possibility of raising the corporate tax rate has spurred a debate among economists and policymakers about the optimal corporate income tax rate to balance revenue generation and U.S. competitiveness.
https://www.pgpf.org/blog/2021/10/should-the-corporate-income-tax-rate-be-raised