The bill funds an expansion of the states paid family leave benefit by removing the $145,600 wage ceiling on the states 1.1% employee payroll tax. Prominent party figures like Ted Cruz, Mike Huckabee, John McCain, Rick Perry, and Herman Cain have all championed the idea over the years. Thats around the size of the defense budget, and about what Medicare cost before the Covid-19 crisis. Senator Joe Manchin (D-WV) talks with Sen. Tim Scott (R-SC) in the Senate subway at the U.S. Capitol in Washington, U.S., December 15, 2021. Please enter a valid email and try again. The current top rate is 23.8%, which includes a 3.8% ObamaCare surcharge. Its 30 percent! At a tax rate of 0%, the government gets no revenue. This problem has been solved! Financial Twitter and experts on Wall Street have mostly opposed the proposed tax rate increase, while others weren't as worried about it being as high as 43.4% or it affecting the markets. Mutual Fund and ETF data provided by Refinitiv Lipper. They also give . So far, the return of Bob Iger as Disney's chief executive is going as Wall Street had hoped, but Iger and Disney still have lots of things to figure out. The idea even got a Democratic backer in 2008: long-shot former Sen. Mike Gravel (D-AK), who quite possibly made history as the first person to support both the FairTax and single-payer health care. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved, 50% off + free delivery on any order with DoorDash promo code, 60% off running shoes and apparel at Nike without a promo code, Score up to 50% off Nintendo Switch video games with GameStop coupon code. You may change your billing preferences at any time in the Customer Center or call The Penn Wharton Budget Model, which Sen. Manchin has been known to watch, examined the details of Schumer-Manchin and found that it doesnt contain any net deficit reduction until 2027. Yeah, but it was very much in vogue. President's proposal calls for a near doubling of the capital-gains tax rate; here are some answers to investors' questions In his first address to Congress, President Biden called for huge. Alex Murdaugh Receives Life Sentence: What Happens Now? Gavin Newsom was hoping when he signed legislation on Friday that raises the top marginal income-tax rate on the sly. Two Days Mattered Most. "Taxes will rise by $16.7 billion in 2023 on Americans earning less than $200,000 a year. But if youre buying stock on a continuing basis, your share price is moving more than 1 percent and very often it will move more than one percent up or down in one day.. We accept credit card, Apple Pay, and Its SaaS application uses an AI-powered digital assistant to help customers gain better control over their money. Mr. Bidens corporate tax increase alone is more than $1.5 trillion over 10 years, with another $1.5 trillion coming soon on individual income and investment. Analysts say they expect total buybacks this year to approach levels unseen since shortly after Republicans slashed the corporate tax rate as part of their 2017 tax cuts. Theres a reason every rich country except the US has a value-added tax: Its a very efficient, easy-to-administer way to raise lots of money for progressive social programs like universal health care, child allowances, long-term care, and more. Im here to help. House Majority Leader Dick Armey and presidential contender Steve Forbes championed a 17 percent flat tax designed by Stanford researchers Robert Hall and Alvin Rabushka. Democrats are still looking to raise $1.6 trillion in new taxes this year, and even Joe Manchin says hed support a corporate tax increase. You will be charged No, You Cant Build Here, How Chilis Is Prepping for Tough Times, Starting With the Fries, The Tax Play That Saves Some Couples Big Bucks, Electric Vehicles Are Shattering the Barrier to Adoption that Could Matter Most. Why its so hard to get answers on long Covid. ReadMarch 2, 2023 | Peggy Noonan, Article viewed iconAn icon to mark the viewed articles The article, titled "The Schumer-Manchin Tax Increase on Everyone," argues that the "Inflation Reduction Act" will harm the economy and effectively make Americans poorer. Or at least every citizen and most legal residents. You may cancel your subscription at anytime by calling Analysts say they expect total buybacks this year to approach levels unseen since shortly after Republicans slashed the corporate tax rate as part of their 2017 tax cuts. Start with the authors central claim that the bill will reduce the deficit and thus inflation. Watch: Retired Army Col. Paris Davis Awarded Medal of Honor, Why Barnes & Noble Is Copying Local Bookstores It Once Threatened, What Floridas Dying Oranges Tell Us About How Commodity Markets Work. Please keep in mind that merely contacting Nelson Mullins Riley & Scarborough LLP will not establish an attorney-client relationship. Workers can currently receive a 60% to 70% wage replacement to take up to eight weeks off to care for a new baby or sick family member. It's. https://www.wsj.com/articles/biden-budget-said-to-assume-capital-gains-tax-rate-increase-started-in-late-april-11622127432. Powered and implemented by FactSet Digital Solutions. The Journal surveys the 30 largest banks, and when. ReadMarch 2, 2023 | Peggy Noonan, Article viewed iconAn icon to mark the viewed articles The more Americans learn whats in this tax-and-spend behemoth, the more theyll dislike it. That rate currently sits at 37% after Republicans slashed. In 2023, thats $279.45 a month for a single adult, with an extra $98.52 per month for each additional person in the house. Sign In. An affordable antique in Van Meter, IA, that comes with its own bell tower is this week's most popular . On February 17,2010, the Wall Street Journal reported on spending from the stimulus pack- age signed into law a year earlier. Thank the Transit Union, 50% off + free delivery on any order with DoorDash promo code, 60% off running shoes and apparel at Nike without a promo code, Score up to 50% off Nintendo Switch video games with GameStop coupon code, Yes, Theres a Housing Crisis. Search older articles under Factiva's "Search" feature (located in the upper left of the screen). The Ways and Means Committee draft tax increase that leaked over the weekend is a $2.2-trillion Washington money grab for the ages. In fact, only about 3 percent of small businesses . Watch: Retired Army Col. Paris Davis Awarded Medal of Honor, Why Barnes & Noble Is Copying Local Bookstores It Once Threatened, What Floridas Dying Oranges Tell Us About How Commodity Markets Work. No, You Cant Build Here, Opinion: About Those Free Tickets to Hong Kong, Opinion: Late to Work? The WTP on both print and digital Wall Street Journal subscriptions goes a lot lower than its median price point too. That 3% DST basically applies on a gross basis to social media platforms, search engines, internet intermediaries, and the like, many of . I like his idea of pairing a 10 percent VAT with a small universal basic income to make sure low-income people come out ahead. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. Most economists view is that rich people spend less of their income, and save more, so as a share of income a sales tax takes less from them than it does as a share of poor peoples income. [1] [2] It was triggered by a large decline in US home prices after the collapse of a housing bubble, leading to mortgage delinquencies, foreclosures, and the . You can also contribute via. The Wall Street Journal offers a special introductory rate to new subscribers. Unfortunately, we dont have any super-recent estimates of what the FairTax would bring in revenue-wise. One of RSM's consumer products senior analysts, Mike Graziano, was featured in a Wall Street Journal article about the increase in U.S. retail sales last month. Sen. Joe Manchin, D-W.Va., is met by reporters outside the hearing room where he chairs the Senate Committee on Energy and Natural Resources, at the Capitol in Washington, July 21, 2022. Apple is expected to reveal new and updated products at a virtual event today. Why Kevin McCarthy agreed to put a radical plan to remake the tax code up for a vote. ReadMarch 3, 2023 | Gil Troy, Article viewed iconAn icon to mark the viewed articles LinkedIn. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved, legislation to expand the social safety net and combat climate change, 50% off + free delivery on any order with DoorDash promo code, 60% off running shoes and apparel at Nike without a promo code, Score up to 50% off Nintendo Switch video games with GameStop coupon code. And executive compensation is often tied to a firms share price although when the market is up, and shares are expensive, as they are now, buying back stock does less to drive up prices. Alex Murdaughs Trial Lasted Six Weeks. Value-added taxes in other rich countries, which generally work better than retail sales taxes because they also tackle business-to-business transactions, only hit 56 percent of consumption. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. So theres also an element of revenge with their tax proposal, which is projected to generate $124 billion over the next decade, according to official estimates. (if applicable) for The Wall Street Journal. Maybe if they let liberals use it as a bit of a money machine, we might get somewhere. our Subscriber Agreement and by copyright law. U.S. He estimates the bottom 20 percent of earners would see their incomes rise by nearly 17 percent as a result, while households with income above $90,000 or so would pay more. You will be notified in advance of any changes in rate or terms. Thatd be exciting! It's a valid point, one explored in detail in the Wall Street Journal article linked to earlier on this blog. The Inflation Reduction Act Would Only Raise Taxes From Wall Street and Big Corporations. Their response in 1995 and 1996 was a flurry of dramatic tax reform proposals from Republicans in Congress and in the 1996 presidential race (or both). It can increase revenue by increasing tax rates, up to a certain . our Subscriber Agreement and by copyright law. The publication is generally seen as a trustworthy source of news and. MarketWatch provides the latest stock market, financial and business news. The FairTax gets rid of the personal and corporate income taxes, and the estate tax, which are the three most progressive taxes in the federal code. The plan would increase the top corporate tax rate to 26.5% from 21%, impose a 3-percentage-point surtax on people making over $5 million and raise capital-gains taxesbut without the changes. At some point, higher rates would bring in less revenue to the government because companies would decide the tax is too onerous and do other things with their money though when that would happen is unclear. You may cancel your subscription at anytime by calling Read23 hours ago | Joshua Rubenstein, Opinion: Yes, Theres a Housing Crisis. Yeah, I know. Thank the Transit Union, Sign up to Stock Advisor for $79 for 1 year, Save 15% on orders of $100+ with Kohl's coupon, Yes, Theres a Housing Crisis. Article viewed iconAn icon to mark the viewed articles But I wouldnt be so quick to reject sales taxes more broadly. The $1,400 checks that the Biden administration sent out in March 2021 only cost $402 billion. "But tax policy should be working in the opposite direction to encourage investment when the Fed is tightening and the economy is close to recession. CPAC used to be a barometer. (REUTERS/Elizabeth Frantz). Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. By one measure, rich people in the 2010s saved 8.5 percent of their income, while the bottom 90 percent had a negative savings rate, spending 2.8 percent more than they earned. You may change your billing preferences at any time in the Customer Center or call But straight-up sales taxes, which effectively exempt capital income as well, were popular in this period too. Senate Democrats had proposed a 2 percent buyback tax before agreeing to cut it in half. Read18 hours ago | The Editorial Board, Article viewed iconAn icon to mark the viewed articles Congress hasn't made changes to rates on long-term capital gains and dividends for 2022 and 2023. Still, Wall Street seems to like the Inflation Reduction Act, or at least not hate it. Finance is the study and discipline of money, currency and capital assets. Alex Murdaugh stands guilty of killing his wife and son. Antique Iowa Home With a Bell Tower Rings In as the Week's Most Popular Listing . Former New Mexico Gov. The once-beloved Pell Grants are facing surprisingly fierce fire from the right. High earners wont know what hit them until it does. It would instantly become one of the largest programs in the entire federal government. The Surprising Ways Walking Delivers a High-Intensity Workout, Opinion: China Remains the Worlds Pandemic Risk. Mortgage applications fell 5.7% in the latest week, the Mortgage Bankers Association said. The tax increases on business will discourage investment while the Federal Reserve is also raising business costs with higher interest rates," it wrote. Democrats complained the buybacks did little for average Americans. For non-personal use or to order multiple copies, please contact The report found that 49.7% of the tax would fall on domestic manufactures. . Its such a piddling increase, said Ed Yardeni, president of Yardeni Research, a stock market research firm. You could also, as Columbia professor Michael Graetz and Sen. Ben Cardin (D-MD) have proposed, use the VAT to exempt all but the wealthiest individuals from the income tax, by creating standard deductions of $50,000 or $100,000 for couples. The Schumer-Manchin Tax Increase on Everyone Their Senate bill hits U.S. manufacturing especially hard, and it raises taxes on Americans making less than $400,000 a year. I know of no credible estimates of the distributional impact of the FairTax, if it were to replace income and payroll taxes, but when the Bush administration appointed a panel to study tax reform proposals, it concluded that using the tax to replace the income tax alone would sharply raise taxes on the middle class. Wall Street Journal: A looming increase in the capital-gains tax rate next year is fueling sales of some privately-held businesses. According to a Thursday report by the Wall Street Journal, taxes on capital gains for households making more than $1 million will skyrocket to 43.4 percent from the current 23.8 percent,. Article viewed iconAn icon to mark the viewed articles Even in the economically irrational 1970s the top capital-gains rate never broke 40%, as the nearby chart shows. Watch: Retired Army Col. Paris Davis Awarded Medal of Honor, Why Barnes & Noble Is Copying Local Bookstores It Once Threatened, What Floridas Dying Oranges Tell Us About How Commodity Markets Work. We can overcome vaccine hesitancy. The State Wealth-Tax Alliance - Wall Street Journal January 24, 2023 9 reCaptcha Error: grecaptcha is not defined Sign Up Here for Free WirePoints Daily Newsletter First Name (Optional) Last Name (Optional) Phone Number (Optional) Zip Code (Optional) Email address* Follow Us Wirepoints Follow @wirepoints Wirepoints Original Stories Contact Kim Kim Bloedel Email me Contact: Pomerantz Business Library For your 2021 tax return, the standard deduction is now $12,550 for single filers (an increase of $150) and $25,100 for married couples filing jointly (an increase of $300). 2, 2023 at 3:38 a.m. No, You Cant Build Here, Opinion: About Those Free Tickets to Hong Kong, Opinion: Late to Work? If the balance exceeds$50,000, the company repays as much of the loan as it can without going below the minimum. Read18 hours ago | The Editorial Board, Article viewed iconAn icon to mark the viewed articles Rep. The way subtraction VATs normally work is that businesses add up their sales, subtract all their payments to other businesses, and pay a tax on the difference; the sum of the taxes paid by each business in this way is equivalent to if it had been levied as a sales tax when a consumer ultimately bought the product. Bonus points are a special offer to help you boost your . The company's minimum cash balance for month-end is $50,000. This copy is for your personal, non-commercial use only. This isnt as progressive as using it for a UBI, but it would vastly simplify income tax collection and enable the large majority of Americans to not worry about filing taxes ever. $ + tax The Wall Street Journal. The net effect is that youre taxing the same consumption that a sales tax does. If you have sold stock at a profit and want to lower your exposure to capital gains taxes, you can sell assets on which you have lost money from elsewhere in your portfolio. Read23 hours ago | Joshua Rubenstein, Opinion: Yes, Theres a Housing Crisis. concession to hold a vote about a radical tax reform proposal, liberal groups who judge the proposal regressive, made conservatives in Congress very, very mad, 2005 book on the idea with talk radio host Neal Boortz, pairing a 10 percent VAT with a small universal basic income. And it would apply to just about everything, from groceries to health care to rent and home purchases to interest on your credit card. Buddy Carter (R-GA) already has 23 co-sponsors for the current iteration. Almost all of these ideas attempted to move the US away from taxing income, and toward taxing consumption. When it comes to FairTax, yes. It's been under wraps longer than some Egyptian mummies, but the bill for the Joe Biden-Nancy Pelosi-Bernie Sanders spending agenda is about to be exposed to the air. Especially when the market is choppy, corporations can see their share prices vary by more than that each day. Virtually every American would get a monthly check from the government to cover the cost of paying the tax on essentials. At the top end, the rich go from paying a top rate of 40.8 percent on their wages, as well as 23.8 percent on their income from investments, to just paying the 30 percent tax on everything they buy. Read21 hours ago | The Editorial Board, Article viewed iconAn icon to mark the viewed articles Yeah, the flat tax. Republicans had retaken the House of Representatives for the first time in 40 years, in part by campaigning hard against President Bill Clintons 1993 budget plan, which included massive tax hikes on top earners. Much less ambitious tax reforms with many fewer problems have died for much worse reasons (for example). Yes, its stupid. Alex Murdaughs Trial Lasted Six Weeks. You can contact our support team at support@wombatinvest.com. For a family of four, this adds up to $6,900 in no-strings-attached cash payments every year. This material may not be published, broadcast, rewritten, The Surprising Ways Walking Delivers a High-Intensity Workout, Opinion: Yes, Theres a Housing Crisis. This may shock you, but Mike Gravel did not really know what he was talking about. But if conservatives realized its regressive and liberals realized its a money machine, he quipped, maybe it could happen. https://www.wsj.com/articles/here-come-the-biden-taxes-11617231225. (if applicable) for The Wall Street Journal. ", PAUL KRUGMAN MOCKED OVER BIDEN BOOM CLAIM, Sen. Joe Manchin, D-W.Va., is met by reporters outside the hearing room where he chairs the Senate Committee on Energy and Natural Resources, at the Capitol in Washington, July 21, 2022. 2023 FOX News Network, LLC. Read22 hours ago | Stephen Ford, Article viewed iconAn icon to mark the viewed articles This material may not be published, broadcast, rewritten, or redistributed. For one thing, they dont like it when you refer to their tax rate as 30 percent. While it increases the cost of, say, a $10 item by 30 percent, or $3, they argue that because $3 is 23 percent of the $13 post-tax cost, its actually a 23 percent tax. Alex Murdaughs Trial Lasted Six Weeks. Thank the Transit Union, Student discount promo code: $100 off the GoPro HERO11, Samsung promo code - Up to 40% off + free shipping, Claim $1932 on Precision 5570 Workstation with Dell Coupon code, Yes, Theres a Housing Crisis. President Biden and lawmakers discuss a possible cut to the White House's proposed corporate-tax rate increase. Alex Murdaugh Receives Life Sentence: What Happens Now? The flat tax looks superficially like an income tax but is really a sales tax in disguise. Customer Service. They do. It was a positive news story about Heres what National Reviews Ramesh Ponnuru had to say about it: Any House Republican who backs this bill can accurately be accused of voting for raising the price of everything by a huge amount at a time when inflation is already high; shifting more of the tax burden to the middle class; instituting a large new wealth tax on senior citizens; increasing federal spending by a massive amount; increasing the deficit; and creating large black markets.. The paper is one of the most popular in the United States. The board said the legislation could help ease inflation but at the cost of the economy going into a recession. Read21 hours ago | The Editorial Board, Article viewed iconAn icon to mark the viewed articles The origins of the FairTax lie in that strange time called the mid-90s. If you multiply the number of households in the US by the rebate size for the average household of 2.6 people, you get a total annual cost of about $650 billion. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved, adidas Promo Code - $30 Off 1000s of Best-Sellers + Free Shipping, 60% off running shoes and apparel at Nike without a promo code, Save 15% on orders of $100+ with Kohl's coupon. Distribution and use of this material are governed by https://www.wsj.com/articles/democrats-release-details-of-tax-increase-11631539532. No, You Cant Build Here, How Chilis Is Prepping for Tough Times, Starting With the Fries, The Tax Play That Saves Some Couples Big Bucks, Electric Vehicles Are Shattering the Barrier to Adoption that Could Matter Most. or redistributed. More substantively, Laurence Kotlikoff, a Boston University economist and avowed FairTax partisan, and a team of co-authors wrote a working paper responding to Gale and the Bush tax reform panel, and insisting that a rate of 31.27 percent (23.82 percent tax-inclusive) would make the proposal revenue-neutral. Powered and implemented by FactSet Digital Solutions. Manchin says social spending bill won't raise taxes, disagrees with nonpartisan analysis, breaking a campaign pledge President Bide. Theres something oddly comforting to me about the return of FairTax discourse. Currently, the introductory rate starts as low as $24.59 per month for the first year of a new print and digital subscription, or just $4 per month for your first year if you choose a digital WSJ subscription. You will be charged Get stock market quotes, personal finance advice, company news and more. The legislation would also tax Americans earning less than $200,000, breaking a campaign pledge President Biden made during the 2020 election. Economists polled by The Wall Street Journal expect nonfarm payrolls to increase by 187,000 in January, and the unemployment rate is forecast to edge up to Perhaps the biggest problem is that FairTax proponents insist they want to tax more sales than just about any sales tax currently existing in the real world. Using your subscription to the Wall Street Journal, research a current case surrounding a tax controversy or tax consequence. Figures like then-House Ways and Means Committee Chair Bill Archer (R-TX) and senator/presidential candidate Richard Lugar (R-IN) proposed replacing all personal and corporate income taxes with a single retail sales tax. Linders 2005 book on the idea with talk radio host Neal Boortz was a bestseller. Now, some of Mr. Biden's ideas are much more likely to become law, said Steve Wamhoff of the progressive Institute on Taxation and Economic Policy, who said that the president-elect's plans are less far-reaching than some Democratic alternatives and are . Read22 hours ago | Stephen Ford, Article viewed iconAn icon to mark the viewed articles However, this is Congress were talking about, so this will not happen. For non-personal use or to order multiple copies, please contact The Wall Street Journal is a daily newspaper first published in 1889. Two Days Mattered Most. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. Democrats are proposing the first-ever tax on corporate stock buybacks. Electric Vehicles Are Shattering the Barrier to Adoption that Could Matter Most, Amazon Pausing Construction of Washington, D.C.-Area Second Headquarters, Opinion: China Remains the Worlds Pandemic Risk. Flat sales taxes like the FairTax are probably regressive on their own. Finance and its way of thinking have now come to permeate every facet of business, so much so that Wall Street is no longer supporting Main Street businesses that create jobs for the masses. Were on track to come close to that, Johnson said. Two Days Mattered Most. Distribution and use of this material are governed by Remember the claims during the 2017 tax debate that reform would drain the Treasury, especially the cut in the corporate income tax rate to 21% from 35%? $ + tax Although these stats are now a bit dated, in 2005, the WSJ reported that its readership profile included around 60% top management, with an average income of $191,000, and an average household net worth of approximately $2.1 million. No, You Cant Build Here, How Chilis Is Prepping for Tough Times, Starting With the Fries, The Tax Play That Saves Some Couples Big Bucks. Read23 hours ago | Joshua Rubenstein, Opinion: Yes, Theres a Housing Crisis. Watch: Retired Army Col. Paris Davis Awarded Medal of Honor, Why Barnes & Noble Is Copying Local Bookstores It Once Threatened, What Floridas Dying Oranges Tell Us About How Commodity Markets Work. Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox. Thats an enormous step toward basic income, even if its not enough money to live on. Article viewed iconAn icon to mark the viewed articles Many business ownersmostly founders who could gain a lot from a saleare looking to close deals before next year, when the maximum tax on investment income is scheduled to rise from 15% currently to at least 23.8% on most capital gains, at least . 6. 2023 FOX News Network, LLC. Going Galt. The Wall Street Journal is a well-respected international newspaper that focuses on business, economics, and politics. That wont look like much to companies repurchasing shares on the open market, said Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. Already a member? Distribution and use of this material are governed by Now its all about Trump. Read18 hours ago | The Editorial Board, Article viewed iconAn icon to mark the viewed articles Gavin Newsom was hoping when he signed legislation on Friday that raises the top marginal. You may cancel your subscription at anytime by calling our Subscriber Agreement and by copyright law. The tax increase details were the last major missing piece in the Democratic agenda, and their release will accelerate lawmakers negotiations over which new spending to give priority to and which tax increases they find acceptable. President Biden releases his fiscal 2024 budget next week, and he said this week he will again propose a tax increase so that everyone pays their "fair share." That makes this a good moment to look again at who pays what in income taxes compared with their actual income. | Richard Drew/AP Photo. WSJ+ is a premium membership for Wall Street Journal subscribers, offering exclusive invites to events, special offers, opportunities to win getaways, and more. FirstGroup to Increase Bus Spending Amid Electrification Drive. Already a member? Provide a link to the article and citation. He would also change the tax rules for unrealized capital gains held until death. See Answer You will be notified in advance of any changes in rate or terms. ReadMarch 2, 2023 | Peggy Noonan, Article viewed iconAn icon to mark the viewed articles It's hard to keep track of the bad policy emanating from California nowadays, and maybe that's what Gov. Today, it's available both in print and online. Contrary to critics' claims, the Inflation Reduction Act would only increase taxes for large . Customer Service. But their plan is extremely half-baked. ReadMarch 3, 2023 | Gil Troy, Article viewed iconAn icon to mark the viewed articles But so are many enthusiastic conservative tax-cutters, like the Wall Street Journal editorial board and Grover Norquist. The average rate for a 30 . The average age of its readership at that time was 55. Taxpayers earning between $200,000 and $500,000 will pay $14.1 billion more," the board wrote. The point is that at a 30 percent rate, its reasonable to expect the FairTax to increase the federal budget deficit by trillions of dollars a year. The FairTax would create the first permanent, unconditional cash program for which all Americans are eligible. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.