Revenue Restoration Act of 2020

Federal debt held by the public is projected to reach 106% in the fiscal year 2021, the same level it reached after the end of the Second World War in 1946. At present, taxpayers are footing a nearly $380 billion annual net interest bill on the Federal level alone, nearly two-thirds the value of last year’s deficit, and enough to cover the entire cost of tertiary education and food stamps put together. The deficit compounds our long term debt challenges. Net interest payments are consuming an ever-increasing share of government spending, crowding out funding for defense, healthcare, education, and other public services. Large tax increases are necessary to restore income tax revenue to its pre-2000 levels so that future generations are not burdened by the current and past generations’ fiscal recklessness.

Personal Income Tax Schedule
RateSingle FilersMarried Joint FilersMarried Individual FilersHead of Houshold Filers
10%Up to $10,000Up to $20,000Up to $10,000Up to $15,000
15%$10,000 to $40,000$20,000 to $80,000$10,000 to $40,000$15,000 to $60,000
25%$40,000 to $85,000$80,000 to $170,000$40,000 to $85,000$60,000 to $85,000
28%$85,000 to $150,000$170,000 to $270,000$85,000 to $135,000$85,000 to $150,000
33%$150,000 to $200,000$270,000 to $320,000$135,000 to $160,000$150,000 to $200,000
35%$200,000 to $400,000$320,000 to $560,000$160,000 to $280,000$200,000 to $400,000
39.6%Over $400,000Over $560,000Over $280,000Over $400,000
Proposed Ceiling For Itemized Deductions
Filing StatusAmount
Married Filing Jointly$50,000
Married Filing Individually$25,000
Head of Household$37,500

The table below displays figures for the fiscal year 2021

New income tax schedule with a 39.6 percent top rate$273bn
Introduce a 13.4 percent surtax on very high incomes$227bn
Increasing the corporate income tax rate to 35 percent$189bn
Impose a tax on greenhouse gas emissions of $20 per ton$121bn
Removing the stepped-up basis rule for inherited assets$76bn
New capital gains tax schedule with a 28 percent top rate$73bn
Impose a 0.1 percent tax on securities transactions$70bn
Removing the deduction for global intangible low-tax income$70bn
Raising the OASDI payroll tax by 1 percent$70bn
Introduce a ceiling on the amount of itemized deductions allowed$39bn
Increase motor fuels taxes by 15¢ and index for inflation$23bn
Total New Revenue (does not add up due to rounding)$1229bn

The federal fiscal deficit in 2021 is projected to be $966 billion, or $263 billion less than this bill raises in additional revenues in the same year.

The bill I wrote:

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