Conservatives historically have argued against the expansion of government programs, offering significant resistance to the current and prior health care reform efforts, and the bill would raise taxes for higher-income individuals.
Charge cards are largely held by higher-income individuals who have to an extent been cushioned form the onset of the recession.
Social Security benefits are progressive - that is, low-income people receive a larger percentage of benefits, relative to their earnings, than higher-income individuals do.
Higher tax rates, principally on higher-income individuals, would raise $93.5 billion, permitting the leadership to present the measure as having the additional virtue of reducing the deficit overall.
It also proposed an income tax on the Social Security benefits of higher-income individuals.
This claim assumes that the higher rates on higher-income individuals is what is actually paid and not evaded.
While The Path to Prosperity proposes lower rates to promote growth, it also ends deductions that go overwhelmingly to a relatively small class of mostly higher-income individuals.
The President-elect has promised to raise taxes on higher-income individuals, and that is music to the ear of a trader or owner attuned to the tax-exempt market.
It is not in dispute that the OneTax will lead to higher effective tax rates for higher-income individuals (or it will lead to significantly lower federal spending).
Another priority of Neal's is to eliminate tax "loopholes" that favor higher-income individuals.