Six tax rates, ranging from 10% to 35%, have been in place since 2003, the Bush tax rates:
10%,
15%,
25%,
28%,
33%, and
35%.
Tax rates will revert automatically to the following pre-2003 levels unless new legislation is passed:
15%,
28%,
31%,
36%, and
39.6%
“Extending” the Bush tax rates is not the way to go, it’s just the way the Democrats have framed the argument. Nor is the way to go allowing the rates to revert.
Republicans should pass brand new rates:
8%,
12%,
20%,
25%, and
35%
Only the highest rate would remain the same as the current level. All other rates would be reduced below their current levels.
Let’s see how eager Obama and the Democrats really are to cry about “helping the middle class during an economic recovery” or demanding that the “rich pay their fair share”.
LOL... I like that logic and it is probably easier to sell than a flat tax with a consumption tax.
But for conservatives to buy it you got do the entitlement reform or your pushing us further into debt.