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The Potential Consequences of Taxing the “Rich” to Save Social Security
Among several thoughts emerging in the runup to the 2020 presidential election, specifically on the Democrat platform, are elimination of certain provisions of the Tax Cuts and Jobs Act of 2017. For example, there has been talk of changes to the top corporate income tax rate and a phaseout of the qualified business income (QBI) deduction for higher incomes. Another target area is the application of Social Security taxes to incomes above $400,000 and a top marginal tax rate of 39.6 percent for income over $400,000, both of which would lead to substantially higher marginal tax rates for successful workers and business owners.
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