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from the that-will-help-reduce-the-deficit,-right? dept.
The White House and congressional Republicans are finalizing a tax plan that would slash the corporate rate while likely reducing the levy for the wealthiest Americans
[...] The plan would likely cut the tax rate for the wealthiest Americans, now at 39.6 percent, to 35 percent, people familiar with the plan said Monday. They spoke on condition of anonymity ahead of a formal announcement.
In addition, the top tax for corporations would be reduced to around 20 percent from the current 35 percent, they said. It will seek to simply the tax system by reducing the number of income tax brackets from seven to three.
[...] Republican senators on opposing sides of the deficit debate have tentatively agreed on a plan for $1.5 trillion in tax cuts. That would add substantially to the debt and would enable deeper cuts to tax rates than would be allowed if Republicans followed through on earlier promises that their tax overhaul wouldn't add to the budget deficit.
https://www.apnews.com/d7929cdd15c3437db07147d219b391c4
(Score: 2) by Immerman on Tuesday October 17 2017, @02:12PM
How else would you suggest the functionality of a configurable nonlinear tax rate could be achieved? You might manage to fit a complicated curve to your desired varying tax rate, but to what end? It's not going to make the calculation any simpler, especially since brackets result in a tax curve that's piecewise linear, requiring only a quick table lookup to find your bracket and the starting and finishing endpoints and a fairly linear calculation. And even with that level of simplicity, they still create large tables of pre-calculated approximate taxes for narrow income bands so that you can just look up your total taxes owed and not worry about the bracket-related calculations at all.