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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:

  1. multiple brackets: there will be at least three different marginal tax rates; which one is applied depends on the quantity and type of income
  2. 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
  3. income sources: wages, interest, dividends, and capital gains from investments will all be considered taxable income
  4. withholding: employers must withhold estimated income taxes from wages paid to their employees
  5. mortgage interest deduction: at least some of the interest paid on home mortgages will be deductible from income
  6. 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

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