John Carney has a tax plan and it’s as bad you think it will be.
Carney has called for raising income taxes, corporate franchise taxes and tobacco taxes to fill half that gap. The remainder could come from budget cuts.
Carney’s idea is to spread the income tax pain by raising every bracket’s rate, eliminate itemized deductions and increase the standard deduction by more than half.
Even those in the lowest income bracket — whose taxable income is between $2,001 and $5,000 — would see rates go up, though that increase would be blunted in many cases by the changes to deductions.