Fair Tax Brackets21 Apr 2022
There are continuous debates about the specifics of tax brackets as well as arguments around when they should be increased or lowered. We will propose a scheme whereby income tax brackets and personal allowances are calculated as multiples or fractions of the median income and float with the economy. As the economy improves, more people on low incomes would be removed from the tax system; if the economy deteriorates taxes increase for all, but with a smaller impact at the bottom of the income scale. Individuals earning less than half of the national median income will not pay income taxes.