Claim 1040 - US Taxes unchanged in 2001
Category:
Finance:US Finance
JUDGED at 100
Owner:
16
Judge:
2, Chris Hibbert
created:
1995/05/02
due date:
2001/05/01
The Claim
On 4/15/2001, the U.S. tax system will still have
all
of the following features:
multiple brackets:
there will be at least three different marginal tax rates; which one is applied depends on the quantity and type of income
marriage penalty:
all else being equal, there exist cases where, for N < 200000, a husband and wife, each of whom earns N dollars, pays more in federal income taxes than two single people, each earning N dollars
income sources:
wages, interest, dividends, and capital gains from investments will all be considered taxable income
withholding:
employers must withhold estimated income taxes from wages paid to their employees
mortgage interest deduction:
at least some of the interest paid on home mortgages will be deductible from income
no national sales tax/VAT:
there will be no additional *national* sales tax or "value added tax" imposed on non-luxury goods sold at retail. (Taxes already in existence on 4/15/1995 don't count here).
Note that changes in individual tax rates, bracket boundaries, or exemption/deduction amounts do not count as "changes" since they do not affect the deep structure of the tax system.
Judge's Statement
None.
The Market
Price Plot for life of 1040
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