DATA SOURCE IRS PUBLICATION 1304.
STATISTICS OF INCOME - INDIVIDUAL INCOME TAX RETURNS 1995.
INCOME LIMITS
Single.........................50,000 = 44,050 1995 DOLLARS
Married...................... 85,000 = 74,893 1995 DOLLARS
1995 INCOME
Reported under these limits................. = 2,614 BILLION
1995 TAXES
-Collected under these limits...................= 224 BILLION
-Expected under extended 1040 EZ form...= 263 BILLION
-Increase without bracket change.............= 39 BILLION
-Increase with no tax on social security......= 28 BILLION
Summary of options to 1040 EZ to remain neutral
(All values to remain in Year 2000 dollars.)
CASE 1. LIMIT TAX RATE TO 15% FOR 1040-EZ
FILERS
MAINTAIN STANDARD DEDUCTION AND PERSONAL EXEMPTION ELIMINATE ANY TAX
ON SOCIAL SECURITY INCOME. THE EXPECTED REVENUE SURPLUS IS 5 BILLION
DOLLARS.
CASE 2. LIMIT TAX RATE TO 10 % FOR 1040-EZ FILERS ELIMINATE
STANDARD DEDUCTION AND PERSONAL EXEMPTION. ELIMINATE ANY TAX ON SOCIAL
SECURITY INCOME. THE EXPECTED REVENUE SURPLUS IS 2 BILLION DOLLARS.
CASE 3. EXTEND 15% TAX RATE TO 100,000 DOLLARS FOR MARRIED
TAXPAYERS FILING JOINTLY, MAINTAIN STANDARD DEDUCTION AND EXEMPTIONS,
ELIMINATE TAX ON SOCIAL SECURITY INCOME. THE EXPECTED REVENUE SHORTFALL
IS 2 BILLION DOLLARS.
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Backup data .................................. 1040-EZ Form
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