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Raise the Top Marginal Individual Income Tax Rate to 50 Percent
2+ day, 7+ hour ago (512+ words) The current top marginal income tax rate is 37 percent. In 2026, it applies to income above $626,351 for single filers and $751,601 for joint filers. This option permanently raises the top rate to 50 percent. Raising the top marginal tax rate would increase the…...
Increase the Standard Deduction by 25 Percent for All Filing Groups
2+ day, 7+ hour ago (435+ words) In 2026, the standard deduction is $16,100 for single taxpayers, $32,200 for married filing jointly, and $24,150 for head of household taxpayers. The standard deduction is adjusted for inflation annually. Browse, search, and sort every reform option in the guide. Erica York is Vice…...
Eliminate the Home Mortgage Interest Deduction
2+ day, 7+ hour ago (501+ words) The home mortgage interest deduction is an itemized deduction that allows taxpayers to deduct mortgage interest on up to $750,000 in principal. The One Big Beautiful Bill Act made the temporary $750,000 cap permanent instead of allowing the cap to rise back…...
Lower Individual Income Tax Rates by 10 Percent Across the Board
2+ day, 7+ hour ago (456+ words) On average, in 2036, taxpayers would see increases in their after-tax incomes of 1.9 percent. The top quintile of taxpayers would experience a 2.3 percent increase, whereas the bottom quintile would experience a less than 0.05 percent increase. On a long-run dynamic basis, taxpayers…...
Introduce a Wealth Tax
2+ day, 7+ hour ago (638+ words) Wealth taxes are imposed on the market value of total assets minus the market value of total liabilities owned by households. In the US, comprehensive wealth taxes have never been implemented, while most European wealth taxes have been repealed due…...
Make the Child Tax Credit Refundable from the First Dollar of Earnings
2+ day, 7+ hour ago (473+ words) This option reduces the refundability threshold so that the credit phases in from the first dollar of earnings, instead of $2,500 of earned income. This would shift the phase-in range of the credit downward, changing marginal tax rates faced by lower-income…...
Make Permanent the Deduction of Overtime Pay from Taxable Income
2+ day, 7+ hour ago (462+ words) On average, in 2036, taxpayers would see increases in their after-tax incomes of 0.2 percent. The main beneficiaries would be the middle three quintiles, as the bottom quintile already has little to no tax liability, and the top quintile is limited by…...
Restore the Personal Exemption
2+ day, 7+ hour ago (466+ words) Before the Tax Cuts and Jobs Act of 2017, personal and dependent exemptions provided an adjustment for household size by allowing taxpayers to exempt $4,050 in income per person. The exemptions phased out for higher-income taxpayers. The exemption was temporarily repealed in…...
Eliminate Step-Up in Basis on Capital Gains at Death
2+ day, 7+ hour ago (479+ words) On a conventional basis, this option would decrease the primary deficit by $206.4 billion over the budget window. Incorporating changes in interest costs, the publicly held debt-to-GDP ratio would be lower than baseline, reaching 174.3 percent by 2056. On average, in 2036, taxpayers would…...
Introduce Mark-to-Market Taxation of Capital Gains
2+ day, 7+ hour ago (549+ words) Under the current tax system, investors are generally not required to pay taxes on capital gains until they sell their assets. The ability to defer taxes on capital gains reduces the effective tax rate on gains and creates a lock-in…...