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Got a link?
There are no plans to increase tax rates in the lower brackets -(below the 33% bracket).
TPC Tax Topics | 2010 Budget -* Tax Increases on High-Income Taxpayers
- The president proposes to raise the top tax rate in 2011 from 35 percent to 39.6 percent.
- The president proposes to return the 33 percent tax rate to its pre-2001 level of 36 percent and change the lower bound for taxable income subject to that rate..... Increasing the threshold would reduce the current 33 percent tax rate on income between the old and new thresholds to 28 percent, reducing the tax liability of people with taxable income in that range. That tax reduction would also offset some or all of the tax increase for people with taxable income above the new thresholds.
Hmmm....what about Obama's promise that no one making under $250,000 a year would see any tax increases? Do we care that we have a liar for a president?
Maybe he should have said that he would not "personally" impose any tax increases but was honor bound to carry out the tax increases resulting from lapse that George Bush stated were to expire in 2011. All politicians have to tell a little white lie here and there, other wise they would not be elected. ex: George W Bush, Daddy Bush, Reagan, Nixon, Clinton
Got a link?
There are no plans to increase tax rates in the lower brackets -(below the 33% bracket).
TPC Tax Topics | 2010 Budget -* Tax Increases on High-Income Taxpayers
- The president proposes to raise the top tax rate in 2011 from 35 percent to 39.6 percent.
- The president proposes to return the 33 percent tax rate to its pre-2001 level of 36 percent and change the lower bound for taxable income subject to that rate..... Increasing the threshold would reduce the current 33 percent tax rate on income between the old and new thresholds to 28 percent, reducing the tax liability of people with taxable income in that range. That tax reduction would also offset some or all of the tax increase for people with taxable income above the new thresholds.
Exactly, this year the 28% bracket ends at $209,350, next year as the 33% bracket goes up to 36% that level will change to $250,000. So for the income levels of $209,350 - $250,000 you will actually be taxed at 5% less next year than this year. Even without taking into consideration the tax bracket income levels moving up, the break even point would actually be $317,750, and taxes would only increase after that level.
If the tax cuts expire all brackets will get increased rates.
I was responding to the income tax bracket increases that the OP claims will happen. This erroneous information is being cut'n-pasted all over the web this week. Tax bracket rates won't change - not on taxable income under ~$250,000.
I was responding to the income tax bracket increases that the OP claims will happen. This erroneous information is being cut'n-pasted all over the web this week. Tax bracket rates won't change - not on taxable income under ~$250,000.
If no bills are passed..the 10% bracket becomes the 15% bracket.
That 10% bracket was created under the Bush cuts and will disappear 1/1/2011.
As of today..no bill has passed restricting the limitation of those cuts expiring to $250K salaries.
I agree that the middle class is being eroded away, but Republicans are as much at fault as Democrats, and I don't have much faith in either party any more.
Usually, though, this thread translates into a very pro-Capitalist viewpoint. Wake up, people!! Capitalism, run amok, ends up in oligarchy and the erosion of the middle class, not socialism (and no, I'm not a socialist; I believe in a hybrid of capitalism/socialism that is a modified Georgist economic model).
In the US, the corporate class and the top income brackets are sidestepping paying their share of taxes, the top 1% in income paying 15% or less; and corporations, with off shore/overseas banking accounts, derivatives, hedge funds, tax shelters, no penalties for outsourcing manufacturing/services, even less. They are getting stinking rich, the top 1% owning 40% of US national wealth. Their income increased over 70% in the last decade while the average middle class income has increased 5-6%, remained the same, or slightly declined.
Democrats, and especially Republicans, protect these multi-corporations, with their fingers in many large businesses. Reigning them in is called "Big Government" or "Socialism".
Doesn't it make sense that to have a strong economy that means a much higher per capita income for the average American and closing up all of these loopholes for corporations, as well as forcing them to pay their taxes instead of sheltering them?
If Pres. Obama isn't going after the true culprits, shame on him, but under Republicans, government subsidies are as high or higher, and the richest echelons are courted and fawned upon.
As long as Americans refuse to look seriously at the problems with capitalism without the restraints of uncompromising caps on wealth, the natural culmination of capitalism unleashed is oligarchy and political instability as the super-rich get more and more of the wealth, and the average citizenry sinks deeper and deeper into stagnation, unemployment and social decline.
The problem is our system of economy, not a particular administration, but if scapegoating helps you to feel better as we all go down the tubes, have at it.
Sorry, government, but enough is enough. We, along with other cash cows, are not going to work 80 hours a week so we can send even more to Washington. As it is, we barely have enough left over after taxes to pay for basic living expenses, and we supposedly have "well paying" jobs. Not near $250,000, but enough to be the target of the Washington money-grubbers.
A financial analysis shows we'll have just as much to spend by simply retiring early, moving to a less-taxing state, and not supporting the Washington crooks. We're John Galt, and Washington crossed the line.
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