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Originally Posted by Jozrael
As a response to ace (this may have been said already): It is not an additional 24%. It is an additional 11%. You're taking the average increase of the entire top .1% income (which is 2.87 AND HIGHER) and saying its applied to the bottom. Not true. Someone at that line will take approximately $315,000 more in taxes (an 11% increase).
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If we want to be precise we can look at the current top marginal rate compared to the top marginal rate under Obama. the tax Foundation did a review of this.
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Figure 3 shows how these tax increases would alter the effective marginal tax rate for a married couple with $250,000 or more in income. At incomes just over $250,000, the couple is subjected to the alternative minimum tax (AMT), with its broader tax base and separate tax rate schedule. Under the Obama tax plan, this couple moves off of the AMT when their income reaches $288,400. At that point, their effective marginal tax rate would rise to 43.7 percent, in large part due to the phase-out of personal exemptions and the limitation on itemized deductions. Once the taxpayer's personal exemptions are completely phased out, the effective marginal tax rate would drop down to 39.5 percent before increasing to 43.2 percent when they reach the 39.6 percent statutory income tax bracket. Finally, the couple's effective marginal tax rate would rise to 47.2 percent when the new 4-percent Social Security tax rate kicks in.
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The Tax Foundation - How Do the Presidential Candidates’ Tax Plans Affect Taxpayers’ Marginal Tax Rates?
My question remains - Why do you think a person with cost effective options to avoid additional taxes going to pay them? People in the top .1% hirer high powered people to advise them on legally minimizing tax obligations. The Obama plan is based on an assumption people will pay the higher taxes without taking actions to minimize the increased burden. When "rich" people do things to minimize the increased burden, what is Obama going to do?
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Last edited by aceventura3; 10-31-2008 at 07:35 AM..
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