T10-0258 - Bowles-Simpson Deficit Commission: Tax Reform with Increased Standard Deduction, Lower Threshold for 22% Rate; Baseline: Current Policy; Distribution by Cash Income Percentile, 2020

Preliminary distribution of federal tax change at 2015 income levels, by cash income percentile, from the modification of the illustrative tax reform plan put forward by the Obama fiscal reform commission (under 2020 law), compared with current policy. The modification implements the same individual rates of 12, 22 and 28 percent as the plan in the commission's original report but reduces the bracket threshold for the 22 percent rate and increases the standard deduction.