If you canceled all payroll taxes below $30000 / $60000 single / married what would happen? I know that this could increase firm profits, or increase wages, or the number of jobs, or decrease prices due to lower input costs but what do you think the outcome would be?

For bonus points, consider the effect of holding government income constant by removing the upper limit on payroll taxation, meaning incomes above the aforementioned thresholds would be taxed, as opposed to only incomes below the current thresholds being taxed.


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