PLYMCO_PILGRIM
Gold Member
How Will The Expiring Bush Tax Cuts Affect You? - Forbes.com
Obama supports letting these tax cuts expire. The poorest americans, all americans making under 32,000/year, are going to receive a 5% increase in their federal tax responsibilities.
my bracket, the next one up, will receive a 3% tax hike.
The richest people will get a 4.6% tax hike, or a slightly smaller tax hike then the poorest americans.
How do we justify this in relation to the rhetoric of many who said the bush tax cuts were being only for the rich?
EGTRRA created six tax rate brackets--10%, 15%, 25%, 28%, 33% and 35%, based on income levels. If no extension is passed and signed into law, then the pre-2001 tax rates will go back into effect starting in tax year 2011. The 10% bracket would disappear, and those taxpayers would move up to the 15% bracket, which would apply to all incomes below $34,550. The other tax rates would increase to 28%, 31%, 36% and 39.6% for the highest earners making more than $379,650.
Child Tax Credit
One major provision that will expire at the end of 2010 is the child tax credit, which EGTRRA doubled from $500 to $1,000 per child. Unless Congress votes to extend the child tax credit, the maximum amount will revert back to $500 for tax year 2011, and the number of families eligible for that amount will be much less as tougher eligibility standards that existed prior to EGTRRA will go back into effect.
Obama supports letting these tax cuts expire. The poorest americans, all americans making under 32,000/year, are going to receive a 5% increase in their federal tax responsibilities.
my bracket, the next one up, will receive a 3% tax hike.
The richest people will get a 4.6% tax hike, or a slightly smaller tax hike then the poorest americans.
How do we justify this in relation to the rhetoric of many who said the bush tax cuts were being only for the rich?