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What Could Raising Taxes on the 1% Do? Surprising Amounts
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A Tax Policy Center study (joint project of the Brookings Institution and the Urban Insitute) shows $157 billion would be generated in the first year from an increase in taxes on the top 1% of income earners in the U.S., about 1.13 million households earning average $2.1 million, by increasing the federal tax rate from current 33.4% for this group to 40%. This could pay for a program to provide tution free education in America's colleges and universities. Even increasing the federal tax to 40% on the 115,000 households earning over $9.4 million on average, the top 0.1% of American households, would generate $55 billion in the first year, enough to pay for the $47 billion cost of tution free education at all of America's public colleges and universities, according to the Tax Policy Center. Economists including Stiglitz and others, point to significant impact of revenue generated from such a tax when applied to improving educational opportunity for the middle class and lower income groups. Education is a great leveler of income disparities as seen in the U.S. after World War II. During recent decades the highest income groups weren major beneficiaries of tax and economic policy, at the very time the middle class and factory workers were hit hard by global competition which lowered wages and exported jobs. The interest rate policies of the Fed after boom bust cycles also favored large investors in equity markets over smaller income earners with savings account deposits, whose savings experienced little growth under interest rates close to zero.
Tax Policy Center research that shows $157 billion generated from increasing taxes on the over 1 million income earners in the top 1% in the U.S.
10/16/2015
The top 1% earn about $2.1 million on average and are considered to be the largest beneficiaries of tax and economic policy of recent decades, just as global competition severely hurt wages of factory workers. A Tax Policy Center (Brookings Institution and Urban Institute backed) study shows that increasing taxes on the 1.13 million households in the top 1% from a federal rate of 33.4% currently to 40% would generate $157 billion, enough to provide for tution free educaton in colleges and universities in the U.S., finance spending on infrastructure, and provide assistance to the middle class for high health premiums. Public opinion in the U.S. favors higher taxes for the top 1% to pay for programs that increase opportunity for the middle class and workers with low incomes. Education is a great leveler of income disparities over time, one of the reasons the U.S. offered tution free education to returning veterans after World War II. Incomes for people in this income group of the top 1% would still be about $1 million a year after the tax increase, according to the Tax Policy Center.
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