Brief Summary 2022 Tax Plan

These are all numbers for single filers.

Payroll tax will be flat, not regressive.
Employer, Employee, both 4%
Self-Employment, 8%
All payroll tax will be 100% deductible for income tax.

A $400 payroll tax credit that phases out between labor income of $53,000 and $58,000.
A $2000 senior tax credit, starting at age 61, that offsets any federal tax.

$8000 standard deduction,
Up to $10,000 taxable, 15%
Up to $45k, $1500 + 19% over 10k
Up to $130k, $8150 + 30% over 45k
Up to $270k, $33,650 + 39% over 130k
To infinity, $88,250 + 47% over $270k

Go back to using exclusions for capital gains, meaning a portion of gains is taxed as regular income.
Short term and dividends, 15% exclusion.
Medium term, 2 – 4 years, 30% exclusion.
Long term, 45% exclusion.

Here is the full proposal, with discussion following: https://americarepair.home.blog/2019/08/01/2022-tax-proposal/

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