Highlights of Jackson’s Plans to Raise Taxes, Expenditures

Here are highlights of increased taxes and expenditures proposed Monday by Democratic presidential candidate Jesse Jackson:

Spending--A doubling of the budget for education and job training programs by 1993. A 71% increase for drug enforcement, education and treatment. Increased funding for emergency needs of the homeless and more money for building and modernizing low- and moderate-income housing. A more than tenfold increase in federal subsidies for child care and increased funding for AIDS research.

Overall, his investment plan calls for $31.5 billion in increases in 1989 and $94.7 billion by 1993.

Revenues:

Income tax rate--Taxpayers earning more than $192,000 in net taxable income would have their rate raised to 38.5% from 28%.

Surtax--A 5% surtax would be levied against the tax liability of those earning $75,000 or more. This would raise the effective top rate to 40% from 38.5%. The surtax would be phased out as the deficit is reduced.

Mortgage interest--Deductions for mortgage interest would be limited to $12,000 for single returns and $20,000 for joint returns.

Luxury taxes--A 10% excise tax would be imposed on aircraft, furs, cars costing more than $20,000 and boats costing more than $15,000.

Minimum tax--A minimum income tax rate would be raised to 25% from 21% on the top 2% of taxpayers to assure that they pay taxes regardless of tax shelters.

Corporate tax rate--The corporate rate would be raised to 25% from the current 21%.

Business meals--Business meal deductions would be limited to 50% instead of 80% of what is spent.

Polluters tax--An excise tax would be imposed on emissions and hazardous waste.