tax rates when Jimmy Earl Carter served as "president" in '78... Carter's tax rates "spread the wealth" by confiscating 70% of any earnings over $203K.
and that is just the FED rate
watch state and local rates also climb
my advice- get out of debt as fast and and much as you can because incomes taxed at near 60% or more, will not easily stretch to cover debt service (credit lines, car payments and mortgages) AND taxes
Exactly!
Obama’s tax plan: First, he promises to end the Bush tax cuts, allowing the top two tax rates to return to 36 percent and 39.6 percent. Second, he promises to end the Social Security payroll tax cap for incomes above $250,000. Individuals making more than $250,000, therefore, would face a 15.65 percent tax rate from payroll taxes in addition to a top income tax rate of 39.6 percent for a combined tax rate topping 56 percent. Individuals living in cities or states with high taxes such as New York City or California would have tax rates approaching 70 percent, levels not seen since Carter was president.
tax rates when Jimmy Earl Carter served as "president" in '78... Carter's tax rates "spread the wealth" by confiscating 70% of any earnings over $203K.