Can you show us where exactly the ‘tax on inomce is clarified”???
There is GROSS income.
There is ADJUSTED GROSS income.
Thjere is TAXABLE income.
I have yet to hear which ‘income’ Obama is referring to when he talks about taxes of any kind.
When Obama is talking about tax on income, I assume he is talking about the Taxable income on page 2 of the 1040 form. Since that is the point at which you look at the tax table, or if you have an income above a certain figure have to do your own calculation. Also, he did clarify that the first $250,000 of income would not go back to the Clinton rate under his plan. Only the amount above $250,000 would loose the Bush tax cut. I guess this means that if you have $500,000 income then you would pay about 2.25% more than under the Bush cuts. At any rate, the tax above a certain figure would go from 35% to 39.5% I can remember when the rich were supposed to pay 90%, and then 70%. Of course, they figured out a lot of loopholes to prevent that. If you don’t do your own taxes, I suggest you take a good look at the 1040 form, and the IRS Instruction booklet.