Monday, January 02, 2012
"One Year to Go Until Largest Tax Hikes in History"
Next year, as every year lately, Congress will be talking about many tax increases.
Notice how it will happen AFTER the elections.
No coincidence with that, I'm sure...
Notice how it will happen AFTER the elections.
No coincidence with that, I'm sure...
At American for Tax Reform, Ryan Ellis says this is just one of them:
"Personal income tax rates will rise. The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which the majority of small business profits are taxed). The lowest rate will rise from 10 to 15 percent. All the rates in between will also rise. Itemized deductions and personal exemptions will again phase out, which has the same mathematical effect as higher marginal tax rates. The full list of marginal rate hikes is below:
- The 10% bracket rises to a new and expanded 15%
- The 25% bracket rises to 28%
- The 28% bracket rises to 31%
- The 33% bracket rises to 36%
- The 35% bracket rises to 39.6%"
