No Tax on Everything: The Tax Mess Trump Has Left Us
The only path out of this mess is to rebalance our income tax structure. The Working Americans Tax Cut Act, a bill introduced by Sen. Chris Van Hollen and Rep. Don Beyer would accomplish that rebalancing. Their bill provides an exemption from federal income tax for income up to the basic cost of living, with a progressively smaller income tax reduction for those with incomes just above the basic cost of living. At the same time, the bill imposes a surtax on income in excess of $1 million, and larger surtaxes on income above $2 million and $5 million.