Quote:
Originally Posted by LUVMBDiesels
It is funny...By letting the (hated) Bush tax cuts expire and by actually trying to get rid of them a year early, your tax rates will go from
10, 15, 25, 28, 33, and 35 percent to
15, 28, 31, 36, and 39.6 percent.
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Now that you've spread your ill-informed disinformation, let's get back reality:
Originally published Saturday, February 28, 2009 at 12:00 AM
The Seattle Times Company
How your taxes would change — if Obama gets his way
President Obama wants to let the Bush-era tax cuts for the wealthy expire as well as limit itemized deductions for those in the highest...
Super-rich would be taxed most under Obama plan
President Obama wants to let the Bush-era tax cuts for the wealthy expire as well as limit itemized deductions for those in the highest income brackets.
If his wishes become law, the wealthiest Americans will lose the most and individuals with lower incomes will gain in many ways. Have an income in the $200,000-to-$400,000 range? You may not be affected as much as you fear.
The chart shown here outlines how Obama's proposals would affect typical individuals and families at various income levels. Figures are in dollars. Negative tax figures mean no federal income tax would be owed, and those taxpayers instead would receive refunds.
Status Children Income Taxes Change
Single 0 $35,000 3,000 — 400
Married 2 $35,000 4,100 — 1,200
Single 0 $50,000 6,000 — 400
Married 2 $50,000 4,440 — 800
Single 0 $150,000 26,200 — 400
Married 2* $150,000 15,500 — 6,800
Single 0 $300,000 73,500 +5,000
Married 2 $300,000 60,200 +1,100
Single 0 $500,000 140,700 +19,200
Married 2 $500,000 131,700 +11,300
* One child is in college
Source: Deloitte Tax LLP