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- Oct 12, 2011
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Don't get me wrong, the tax hikes being proposed are a proverbial drop in the bucket in relation to our current deficits, but you're greatly understating their impact.You can since you are the one questioning it. Or, you can cede that Pres Obama's tax the rich mantra is just that, a mantra. It has no real function other than to make his constituency feel good about themselves.
The president proposes to allow the 33 percent tax rate to return to its pre-2001 level of 36 percent as scheduled under current law but only for joint filers with adjusted gross income over $250,000 ($200,000 for single filers, with both values in 2009 dollars and indexed for inflation in future years). For married couples filing jointly, the 36 percent bracket would begin when taxable income exceeds $250,000 minus the sum of the standard deduction for couples and the taxpayers’ personal exemptions. For single filers, the threshold would start at $200,000 minus the sum of the standard deduction for single filers and the taxpayer’s personal exemption. The president would maintain the 33 percent tax rate for income below those thresholds that is currently taxed at 33 percent. Maintaining the 33 percent bracket for taxpayers below the thresholds would represent a tax cut relative to current law under which the tax rate would rise to 36 percent. The rate increases would raise revenue by about $440 billion over the next decade, relative to current policy.
http://www.taxpolicycenter.org/taxtopics/upload/2013-Budget-Analysis-FINAL-3.pdf