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Obama tax plan: Who gets hit - and why
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| Contributor | kal |
| Last Edited | kal Mar 06, 2011 08:23am |
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| Category | General |
| News Date | Sunday, March 6, 2011 02:00:00 PM UTC0:0 |
| Description | President Obama's plan to raise taxes on the nation's highest income households may not quite mean what you think.
A closer look suggests that fewer people may get whacked than either Obama or his Republican critics suggest.
And for many of the victims, the club won't be the president's plan to raise rates to 36% and 39.6%. Those rate hikes are getting most of the attention, but the real cudgel would be higher taxes on capital gains and dividends going to high-earners.
First, let's look at whom Obama's plan would hit.
As most everyone knows by now, ever since his presidential campaign, Obama has promised to retain the 2001 and 2003 tax cuts for households with income below $250,000 and individuals making less than $200,000.
That seems clear enough, but candidate Obama never said what he meant by "income," although his budget helps to clarify the issue by defining income very generously.
Defining "income": First, let's define our terms.
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