Mary: I’m Mary Walden, with economist MW, welcoming you to the economic perspective. Today’s program asks, what taxes could be raised. Mike, as the national elections approach, there is again discussion about taxes. With some candidates wanting the federal government to do more, and others worrying about the size of the national debt, I think we can be sure there will proposals to raise some taxes. What kind of taxes might go up?
Mike: Summary Answer
- Income taxes are the most likely – raise rates on upper income and on corporations
- Another way is to curtail some deductions – again, can make the curtailment specific for income levels
- Federal govt doesn’t have a sales tax – and unlikely to consider
- But what hear some discussion about is a federal wealth tax – applied to value of investments – again, likely for higher income
- Finally, something that has been discussed for a while – a carbon tax on items that emit carbon pollution
- To protect low income taxpayers, could make it refundable for certain income levels
- I’m MW
Mary: And I’m Mary Walden for the Economic Perspective, an NC State Extension program from the Department of Agricultural and Resource Economics.