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Fiscal Cliff – We got a parachute

Fiscal Cliff

Once again at the 12th hour a deal is reached. Over the next several days we will get more details on this deal. Here’s what I think that we have:

Bush tax cuts: The deal would extend all of the Bush tax cuts for incomes below $400,000 for individuals and $450,000 for families, while reinstating the Clinton-era 39.6 percent tax rate for income above those thresholds. It will also push the capital gains rate on investment income back to 20 percent for income above $400,000 for individuals and $450,000 for families. President Obama had asked for an extension of rates only for incomes below $250,000.

Stimulus tax credits: Three tax credits expanded as part of the stimulus will be extended for one year as part of the compromise. The America’s Opportunity Tax Credit, Child Tax Credit, and Earned Income Tax Credit collectively benefitnearly 20 million Americans each year, and extending them was a priority for Obama and Democrats. Republicans allowed all three to expire in tax legislation earlier this year. (more…)

By |2013-01-01T12:19:12-04:00January 1st, 2013|Budget, Economy, Party Politics|Comments Off on Fiscal Cliff – We got a parachute

Marginal Tax Rates

I saw this graph over at Visualizing Economics and I loved it.

There are a couple of things that simply jump right out. First, the capital gains rate hasn’t been this low in over 40 years. Secondly, corporate tax rates are at their lowest rates in 60 years. Finally, personal income taxes rates were slightly lower in the late 1980s and are far below historical high levels that existed in the 1950s.

By |2012-03-08T05:51:52-04:00March 8th, 2012|Taxes|Comments Off on Marginal Tax Rates

Republican Email on Obama Tax Plan

One of my right-wing friends sent an email to me that lies about Senator Barack Obama’s stance on taxes. This would be interesting if one piece of this email were correct. Nothing that is written about Obama in this excerpt is even close to being correct.

Here’s the email:

Another reason to keep a socialist out of the White House. In fact, below is a reason to throw the entire Congress out on the street. Very few of them can be trusted.

DATA ON FUTURE TAXES (Spread the word…)

This is something you should be aware of so you don’t get blind-sided. This is really going to catch a lot of families off guard. It should make you worry.

Proposed changes in taxes after 2008 General election:

CAPITAL GAINS TAX
MCCAIN
0% on home sales up to $500,000 per home (couples) McCain does not propose any change in existing home sales income tax.

OBAMA
28% on profit from ALL home sales

How does this affect you?
If you sell your home and make a profit, you will pay 28% of your gain on taxes.

If you are heading toward retirement and would like to down-size your home or move into a retirement community, 28% of the money you make from your home will go to taxes. This proposal will adversely affect the elderly who are counting on the income from their homes as part of their retirement income.

From FactCheck.org:

Capital Gains Rate: It’s untrue that Obama is proposing a 28 percent capital gains tax rate. He said in an interview on CNBC that he favors raising the top rate on capital gains from its present 15 percent to 20 percent or more, but no higher than 28 percent. And as for a 28 percent rate, he added, “my guess would be it would be significantly lower than that.” Furthermore, he has said only couples making $250,000 or more (or, his policy advisers tell us, singles making more than $200,000) would pay the higher capital gains rate. That means the large majority of persons who pay capital gains taxes would see no increase at all. (more…)

By |2008-08-05T21:01:59-04:00August 5th, 2008|Election 2008, Party Politics|Comments Off on Republican Email on Obama Tax Plan
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