“No one making under $400,000 will see their federal taxes go up, period.”
Which actually means single or joint income, i.e. husband and wife filing joint return. But it might be better to file two individual returns if either party has taxable income over 400K.
What I meant to say was, “If both husband and wife each have taxable income under 400K if their income together totals over 400K.
The lowest threshold for direct tax increases will be about $40,000 for individuals. Everybody else will be assessed the “hidden tax” of inflation, and the pass-throughs of the higher rates the producers of goods and services will be forced to pay, then roll into the wholesale price of their product.
The Steve Forbes version of the flat income tax, with no exceptions and allowing a certain minimum amount to be exempt for individuals. and applied to corporations and individuals at large, would make it possible to file your income tax on a post card.