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The use of the net rate captures the generally more favourable tax treatment of pensioners than of workers.
ECONOMIST: Ageing and public finances
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The theory being, if you cut enough deductions, the same level of net tax revenue can be maintained despite a nearly 20% drop in the top rate.
FORBES: Tax Aspects Of Paul Ryan's FY 2014 Republican Budget Proposal
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It begins with a 15% flat rate, but taxpayers who cross certain income thresholds owe more because of the 3.8% net investment income tax, the Pease limit and the Personal Exemption Phaseout, or PEP, a backdoor increase that limits personal exemptions.
WSJ: The New Capital-Gains Maze
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Look, say the pundits, at the net effect of his new lower income-tax band (starting next month), the cut in the basic rate of income tax from 23% to 22%, the changes to national insurance, the abolition of the married couples' tax allowance and the mortgage-interest allowance (all starting a year from now), the new child tax credit (from 2001), etc.
ECONOMIST: Toil and muddle