Are There Benefits to a Higher Standard? The Effects of Raising the Standard Tax Deduction
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Date
2017-10
Authors
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Journal ISSN
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Publisher
Mosbacher Institute for Trade, Economics & Public Policy
Abstract
Description
With all its complications, the US personal income tax code is an attractive target for reformers. It is complicated, confusing, and riddled with loopholes and deductions that distort taxpayer behavior. Increasing the standard deduction would simplify the code and benefit most taxpayers, but have consequences for fairness and for the public, private, and nonprofit sectors.
Keywords
US income tax, standard deduction, tax reform