In a new IWF Policy Brief, Carrie Lukas looks at the latest push for higher taxes. Here is the executive summary:
Chairman Charles Rangel (D-NY) has just released a tax proposal that would increase taxes by an estimated $3.5 trillion, making it the largest increase of individual taxes in history.
Among the bill’s provisions are dramatic increases in the top marginal rate faced by individual taxpayers. All Americans would be affected by the massive increase in taxes, but many women would be particularly hurt. This bill would create a significant new marriage penalty and discourage many married women from working.
Positive provisions such as the reductions in corporate tax rates and repealing the AMT are overwhelmed by the numerous tax increases. This bill is the wrong direction for American women-we need less taxation, not more. High taxes stifle economic growth, reduce job creation, and leave families with less money to spend as they see fit.
Policymakers should go back to the drawing board and focus on creating a simple tax code that encourages work and saving, and lets American workers keep more of what they earn.
Download the entire report here.