High-income taxpayers to pay more in 2011
The Tax Policy Center of the Urban Institute and the Brookings Institution contains fascinating (to a tax geek) and detailed information about taxes. Particularly informative is the information on the Obama Administration's 2010 income tax increase proposal.
Here's a table showing the proposed increases for 2011 and the estimated increased revenue over a 10 year period:
|
Proposed Tax Increase |
10 Year Tax Revenue |
|
Income Tax Rates 33% and 35% |
$364 Billion |
|
To 36% and 39.6% |
|
|
Itemized Deductions Capped at 28% |
$291 Billion |
|
Personal Exemption Phase-out and 3% |
$208 Billion |
|
Floor on Itemized Deductions |
|
|
Capital Gains Tax Rate 15% to 20% |
$105 Billion |
|
Total |
$968 Billion |
The tax rate increases are bad enough, but I really hate not being able to take advantage of all of my itemized deductions! The IRS giveth, and then the IRS taketh away.
