

Policy Area
Priority Level
Last Updated
Tax
Short-Term
January 23, 2024
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.
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.