Posted on 04/23/2013 3:13:40 PM PDT by tobyhill
President Obama’s budget would raise taxes mainly on people earning more than $200,000 a year, although earners at nearly every income level would face a somewhat higher tax burden, according to a new nonpartisan analysis.
The study by the Tax Policy Center finds that in 2015, 86 percent of the increase in taxes would be borne by people earning $200,000 or more a year. That would largely be a result of dramatically scaling back tax breaks that disproportionately benefit the wealthy and establishing a minimum level of taxation for people who earn $1 million a year.
But the study also finds that some Americans of more modest backgrounds would face more taxes. Some people earning between $100,000 and $200,000 a year would pay about $150 more, while some earning less than $100,000 a year would pay less than $100 in additional taxes.
The increase in taxes on middle-class earners is notable because both political parties have said that they do not want to raise taxes on people earning less than $200,000 a year. The president’s budget was released this month but is not expected to be taken up by Congress anytime soon.
(Excerpt) Read more at washingtonpost.com ...
When was the last time our elected representatives did something right for America?
These are the people that are trying to realize the American dream, most likely owe a lot in school loans, and if they live in some areas of the country 200K with all the bills and cost of living is definitely not rich.
Internet sales tax will hit lower income people hard when it gets rammed through - rich folk don’t need to shop online to save a buck.
However, he already raised taxes on smokers i '09 almost as soon as he got into office. Why didn't they mention it then?
the obozo hussein still maintains that he has lowered taxes for the American people. This guy is more than just a liar, he's about as evil as evil can get and he has to be at least as evil as those whom he directly serves. And it is very clear his mission is to destroy the USA.
Bush’s spending: $1.9T, $2T, $2.2T, $2.3T, $2.5T, $2.7T, $2.7T, $3T.
Obama’s spending: $3.5T, $3.5T, $3.6T, $3.5T.
Bush’s last year of spending was reckless, wasteful, and shocking. Obama took that, added another $0.5T, and made that his baseline. Is it any surprise that he’s also collecting more in taxes to support the only part of the economy he cares about (government giveaways)?
I know the odds are not good, especially with Christie and another Bush in the mix, but I would love to see federal spending cut to the level of Bush’s first year, even though even that was far too much. At least that would give our kids a chance for an economic recovery and a bright future. Obama’s economic strategy is to eat our seed corn and then claim it’s Bush’s fault when things don’t imporve.
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