National Commission on Fiscal Responsibility and Reform (Bowles-Simpson Commission)
The Tax Policy Center analyzed various tax proposals issued by the Commission in its final report, The Moment of Truth, and in the earlier “Chairmen’s Mark.”
A description of the provision in the “illustrative tax reform plan” in the Commission’s final report is available here.
A description of three variants of the Zero Plan proposed in the “Chairmen’s Mark” is available here.
| Final Report's "Illustrative Tax Reform Plan" |
| Updated Illustrative Tax Reform Option with Individual Rates of 12, 22, and 28 Percent |
| Reduce Bracket Threshold for 22 Percent Rate and Increase Standard Deduction |
| By Current Policy | By Current Law |
| By Cash Income Percentile | By Cash Income Level | By Cash Income Percentile | By Cash Income Level |
| | n/a | | n/a |
| Illustrative Tax Reform Option with Individual Rates of 12, 22, and 28 Percent |
| By Current Policy | By Current Law |
| By Cash Income Percentile | By Cash Income Level | By Cash Income Percentile | By Cash Income Level |
| | n/a | | n/a |
| Eliminate Tax Expenditures for both Income and Payroll Taxes |
| By Current Policy | By Current Law |
| By Cash Income Percentile | By Cash Income Level | By Cash Income Percentile | By Cash Income Level |
| | n/a | | n/a |
| Eliminate Tax Expenditures for Income Tax Only |
| By Current Policy | By Current Law |
| By Cash Income Percentile | By Cash Income Level | By Cash Income Percentile | By Cash Income Level |
| | n/a | | n/a |
| Eliminate Some Tax Expenditures for Income Tax Only, Cap Other Tax Expenditures to Retain 80% Projected Revenue Loss |
| By Current Policy | By Current Law |
| By Cash Income Percentile | By Cash Income Level | By Cash Income Percentile | By Cash Income Level |
| | n/a | | n/a |
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