Posted by
Defend America on Tuesday, February 02, 2010 5:52:34 PM
Tax Cuts to Expire for Top Earners
Taxes on high-income earners would rise by nearly $1 trillion over
the next 10 years, under the budget plan put forward by President
Barack Obama on Monday.
The bulk of that increase comes as tax cuts enacted under President George W. Bush expire at the end of 2010.
The top two income-tax rates, which affect people earning more than
$200,000 a year, or $250,000 for married couples, will return to 36%
and 39.6%, from 33% and 35% now.
Under the budget plan, capital gains and dividends would be taxed at 20%, up from 15% now, for people at those income levels.
Limits on upper-income people's ability to claim personal exemptions
and itemized deductions will also snap back next year, without any
action needed from Congress.
http://online.wsj.com/article/SB10001424052748704107204575039132987274858.html?mod=WSJ-hpp-LEADNewsCollection