Another Modest (Fiscal) Proposal

A Worthwhile Tax and Spending Proposal : The New Yorker

...Finally, the plan is a model of progressivity. There would be five income tax rates: fifteen per cent on income up to $100,000; twenty-one per cent between $100,000 and $150,000; twenty-five per cent from $150,000-$200,000; thirty-five per cent from $200,000 to $422,000; and 39.6 per cent for all income above $422,000. The bottom rates would be higher than the current levels, but so would the income thresholds. Most people earning less than $100,000 a year would end up gaining slightly relative to current policy, especially if they were eligible for the expanded earned-income tax credit. People earning between $100,000 and $250,000 a year would face a very small tax increase—on the order of 0.3 per cent. The biggest losers would be those earning more than $500,000 a year, who would have to pay about three per cent more in taxes, on average, and those earning more than a million dollars a year, who would pay about five per cent more