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Willisms

« Wednesday Caption Contest (THURSDAY EDITION): Part 156. | WILLisms.com | Wednesday Caption Contest: Part 157. »

Trivia Tidbit Of The Day: Part 509 - Obama's Tax Rates.

Obama Will Raise My Taxes. Yours, Too-

Obama's proposed tax rates:

ObamaTaxRates.jpg
As the chart shows, Obama’s give-and-take tax policy results in marginal tax rates of 34 percent to 39 percent in the $31,000 to $45,000 income range for this family. That’s an increase of 13 percentage points or more from the current rates.

What accounts for the higher rates? First, Obama expands the maximum child and dependent care credit for families with one young child from $1,050 to $1,500 and phases down the credit over a longer income range, from $30,000 to $58,000. Throughout this income range, the credit is phasing out at a rate of $30 per $1,000 of income, thus raising the effective tax rate by 3 percentage points. Obama also makes certain credits refundable, which introduces a tax penalty of 10 percent or 15 percent, depending on the income bracket.

While Obama has publicly embraced a tax rate of 40 percent for couples earning over $350,000, his tax policies would result in a staggering 45 percent effective marginal rate in the $110,000 to $120,000 income range for this family. That is 11 percentage points higher than under current law.

This doesn't include, as far as I can tell, the additional burden of removing the cap on Social Security taxes, either. That will hit higher income folks right in the gut.


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Previous Trivia Tidbit: Media In The Tank For Obama.

Posted by Will Franklin · 11 August 2008 05:11 PM

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