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A 62% Top Tax Rate?

Posted By admin On May 28, 2011 @ 4:24 am In Money Watch | Comments Disabled

Stephen Moore
Wall St Journal [1]
May 28, 2011

Democrats have said they only intend to restore the tax rates that existed during the Clinton years. In reality they’re proposing rates like those under President Carter.

Media reports in recent weeks say that Senate Democrats are considering a 3% surtax on income over $1 million to raise federal revenues. This would come on top of the higher income tax rates that President Obama has already proposed through the cancellation of the Bush era tax-rate reductions.

If the Democrats’ millionaire surtax were to happen—and were added to other tax increases already enacted last year and other leading tax hike ideas on the table this year—this could leave the U.S. with a combined federal and state top tax rate on earnings of 62%. That’s more than double the highest federal marginal rate of 28% when President Reagan left office in 1989. Welcome back to the 1970s.

Here’s the math behind that depressing calculation. Today’s top federal income tax rate is 35%. Almost all Democrats in Washington want to repeal the Bush tax cuts on those who make more than $250,000 and phase out certain deductions, so the effective income tax rate would rise to about 41.5%. The 3% millionaire surtax raises that rate to 44.5%.

Full article here [1]

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A 62% Top Tax Rate?  260310banner2 [3]

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URLs in this post:

[1] Wall St Journal: http://online.wsj.com/article/SB10001424052702304066504576343611464445594.html

[2] Stock up with Fresh Food that lasts with eFoodsDirect (AD): http://www.efoodsdirect.com/

[3] Image: http://purewaterfreedom.com/

[4] High-income Californians may pay nation’s highest tax rate: http://www.prisonplanet.com/high-income-californians-may-pay-nations-highest-tax-rate.html

[5] ObamaCare taxes poised to hit next month: http://www.prisonplanet.com/obamacare-taxes-poised-to-hit-next-month.html

[6] Total Enslavement: Government Hits British Middle Class With 50% Tax Rate: http://www.prisonplanet.com/total-enslavement-government-hits-british-middle-class-with-50-tax-rate.html

[7] Labor Force Participation Rate Drops To Fresh 25 Year Low, Adjusted Unemployment Rate At 11.7%: http://www.prisonplanet.com/labor-force-participation-rate-drops-to-fresh-25-year-low-adjusted-unemployment-rate-at-11-7.html

[8] Two-thirds of millionaires left Britain to avoid 50p tax rate: http://www.prisonplanet.com/two-thirds-of-millionaires-left-britain-to-avoid-50p-tax-rate.html

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