Back to Eliminating Tax Expenditures and Lowering Income Tax Rates (September 2017)
Model Estimate T17-0216 - Revenue and Distributionally Neutral Proposal to Lower Individual and Corporate Income Tax Rates and Repeal Certain Tax Expenditures; Impact on Tax Revenue, 2018-37 by Fiscal Year t17-0216.xlsx
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Table shows the revenue effect of a revenue and distributionally neutral proposal that would: repeal the Net Investment Income Tax (NIIT), individual and corporate alternative minimum tax (AMT), phase-out of personal exemptions, and Pease limitation on itemized deductions; set individual tax rates of 0, 5, 16, 29.6; repeal individual income tax expenditures with the exception of EITC, CTC, and partial exclusion of Social Security benefits; set corporate taxrate of 26 percent; implement territorial system plus minimum tax on foreign-source income; and repeal corporate tax expenditures. Proposal is designed to be revenue neutral in FY 2037. Our criteria for distributional neutrality is that the absolute value of the percentage change in after-tax income is less than or equal to 1 percent for all income percentile classes. Results are relative to a current law baseline.
Model Estimates Type Revenue Tables
Primary topic Business Taxes
Topics Tax expenditures (business) Fundamental reform proposals Tax expenditures (individual) Tax rates
Model Estimates from the same Simulation Run September 15, 2017
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T17-0220 - Revenue Neutral Proposal to Lower Individual and Corporate Income Tax Rates and Repeal Certain Tax Expenditures; Distribution of Federal Tax Change by Expanded Cash Income Percentile, 2027
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T17-0219 - Revenue Neutral Proposal to Lower Individual and Corporate Income Tax Rates and Repeal Certain Tax Expenditures; Distribution of Federal Tax Change by Expanded Cash Income Level, 2027
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T17-0218 - Revenue Neutral Proposal to Lower Individual and Corporate Income Tax Rates and Repeal Tax Expenditures; Distribution of Federal Tax Change by Expanded Cash Income Percentile, 2027
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T17-0217 - Revenue Neutral Proposal to Lower Individual and Corporate Income Tax Rates and Repeal Tax Expenditures; Distribution of Federal Tax Change by Expanded Cash Income Level, 2027
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T17-0215 - Revenue Neutral Proposal to Lower Individual and Corporate Income Tax Rates and Repeal Certain Tax Expenditures; Impact on Tax Revenue, 2018-37 by Fiscal Year
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