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.