100 Days Until the Highest Tax Rates in History
I’m a little busy, but here’s just a few sources for your liberal friends:
“-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%”
“The capital gains tax will rise from 15 percent this year to 23.8 percent in 2013.”
“The death tax is currently 35% with an exemption of $5 million ($10 million for married couples). For those dying on or after January 1 2013, there is a 55 percent top death tax rate on estates over $1 million”
“”A 3.8% surtax will be levied on net investment income for individuals with adjusted gross income (AGI) above $200,000 and married couples filing jointly with AGI above $250,000. For 97% of all households–individuals whose current taxable income falls below $200,000, or couples with a joint income below $250,000–the tax is irrelevant; it only applies to persons above those income thresholds. (Note, however, that the tax also applies to trusts, with a much lower threshold.)
A new 0.9% Medicare tax will apply on earned income above $200,000 for individuals and $250,000 for married couples filing jointly
The floor beneath itemized medical expense deductions will rise from 7.5% of AGI to 10% of AGI (for people over the age of 65, this change won’t kick in until 2017).
Allowable contributions to health flexible spending accounts will be capped at $2,500 per year.”
“This 2.3 percent tax on medical device makers will raise the price of (for example) every pacemaker, prosthetic limb, stent, and operating table.”
“Unfortunately, we face that real prospect, as prominent proposals by the administration would triple the top dividend tax rate to nearly 45%, while doubling the top rate on capital gains to 30%. If one intended to cripple job creation, depress stock prices, and lower the value of retirement savings for working Americans, these proposals would be just what we should choose.
As taxmageddon looms, let’s hope we choose wisely.
Mr. Snow was secretary of the Treasury from 2003-2006.”