The Tax Foundation has modeled what would happen in two scenarios - a world where we have top tax rates of 80% and 55%, and a world in which we have those top tax rates and investment income is taxed as ordinary income.
Five percent— in 1862 any American making more than 10,000 dollars a year handed only five percent of their income over to the government. Well, times have changed…a lot.
It's a 979-page plan that, among other things, lowers marginal income tax rates, lowers the corporate tax rate, increases the standard deduction for individual and married couples, phases out certain tax breaks, consolidates other tax breaks, and reforms retirement savings plans.
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