Obama Tax Rates

[margotb822]

I'm looking for information about the marginal tax rates under Obama's plans. Any links would be greatly appreciated!

[Hippo_Tron]

1. Top marginal rate is 35%, Obama wants to increase that to 39.5%

He also wants to increase payroll taxes on those who make over $200,000. That component is a bit more complicated depending on whether or not you are self employed.

[margotb822]

2. what about rates for income under $250k?

I'm under the impression that all income under $250k will be taxed at a lower rate. Where is the information on that rate?

[iamthebandfanman]

3. here

thats what he was proposing during the campaign...
its looking like that wont happen tho according to some people?

[margotb822]

5. Some people don't understand

How income above a certain rate can be taxed, but that overall, they're not being taxed at that overall rate.

And, I definitely emailed this chart out during the election. I don't understand why people are so caught up about taxes. It's the privilege we pay to live in a "civilized" society...

[LiberalFighter]

7. Tell me about it.

Too many believe that if their income is between $16,050 and $65,100 that all of it is taxed at the 15% rate

or if their income is between $65,100 and $131,450 that all of it is taxed at the 25% rate

If they looked at the instructions they would see that just that portion is at that rate. But then again how many do their own returns?

On top of that they forget the taxes are only on the taxable portion after they deduct their exemptions and deductions. So even though I am in the 15% tax bracket my overall taxes will probably be half that rate.

[Hippo_Tron]

4. I don't think he's announced anything yet

The thing is that when Obama said you would get a tax cut if you make under $250k he didn't say you would get a permanent one. It may be permanent or it may be temporary.

[margotb822]

6. In the long run, they're all temporary...nt