At the top of that list is the expiration of the tax cuts approved during the George W. Bush administration. They're scheduled to expire at the end of 2012, and the White House estimates that letting them lapse, at least for households making more than $250,000, could pump $968 billion into the federal coffers over the next decade.Allowing those rates to expire, as Obama's budget proposes and as current law would allow absent intervention, would mean the following changes:-- For households making more than $250,000 and individuals making more than $200,000, the top income tax rate would rise from 35 percent to 39.6 percent.-- For those same households, the top rate on qualified dividends would rise from 15 percent to 39.6 percent.-- The top rate on long-term capital gains would rise from 15 percent to 20 percent.-- The estate tax, known disparagingly as the "death tax," would rise to 45 percent from 35 percent.
Tuesday, February 14, 2012
Obama "Robin Hood" Of America!
Obama "Robin Hood" of America is proposing tax hikes for the rich and middle class: