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Personal Tax Rate

Policy Area

Priority Level

Last Updated

Tax

Short-Term

January 23, 2024

The Policy

The RPC will increase the federal basic personal amount income tax exemption from $13,808 (2021) to $20,000, tie the exemption to the consumer price index (CPI), add two new federal tax brackets[1] of 40% of taxable income over $500,000 and 51% of taxable income over $1,000,000, and work rapidly to close loopholes in personal tax law used by the ultrawealthy to avoid paying their fair share.

The Research

Our Broader Stance on:

Money is one of the most powerful tools humans have ever invented. Like many other tools, originally created for the betterment of society, money has been co-opted by a few ultrawealthy (sometimes referred to as Ultra High Net Worth Individuals (UHNWI)) members of society as a weapon they use to exert control of others.

Given that money is only a representation of value, not value itself, and that society frequently makes changes to our financial and economic systems - we need to reform our taxation system to ensure our money is only the means to our other desired ends, not an end unto itself.

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