Tags: obama | budget | raises | taxes

Obama Budget Raises Taxes for 27% of Households, Report Says

Wednesday, 21 Mar 2012 10:04 PM

 

  Comment  |
   Contact  |
  Print  
|  A   A  
  Copy Shortlink
President Barack Obama’s 2013 budget plan would raise taxes for 27 percent of U.S. households, far more than the administration estimates, according to a nonpartisan study.

The study released today comes from the Tax Policy Center, a research group in Washington that analyzes proposals from presidential candidates in both parties.

Obama focuses the tax increases in his 2013 budget on corporations and the top 2 percent of individual taxpayers. The result in the center’s study stems from the fact that taxpayers in all income brackets own parts of corporations.

“There are enough corporate tax increases in the president’s plan to have a measurable impact on the distribution,” said Roberton Williams, a senior fellow at the center.

Most of the additional tax burden imposed by Obama’s budget plan would fall upon the highest-earning taxpayers.

Compared with current tax policy, under Obama’s budget proposal 98.4 percent of people earning more than $1 million would see their taxes increase next year by an average of $184,504.

In contrast, 31.6 percent of U.S. households earning between $50,000 and $75,000 a year would see an average tax increase of $92. In that same income group, 16.8 percent of households would have a tax cut averaging $382.

Obama’s budget would raise marginal tax rates to a maximum of 39.6 percent, up from 35 percent. High-income taxpayers would also face higher rates on investment income and limits on deductions. The budget would impose restrictions on multinational corporations’ ability to defer U.S. taxes on income earned outside the country. Oil and gas companies would lose several breaks.


© Copyright 2014 Bloomberg News. All rights reserved.

  Comment  |
   Contact  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

More Detainees Set for Release From Guantanamo

Thursday, 27 Nov 2014 22:34 PM

More detainees are slowly and quietly being released from U.S. detention in Guantanamo Bay, Cuba, The Wall Street Journa . . .

Romney to GOP: Pass 'Permanent Clarification' of Immigration Laws

Thursday, 27 Nov 2014 21:45 PM

Mitt Romney is urging Republicans in the new Congress to come together, swallow hard, and pass a "permanent clarificat . . .

IRS Gave White House Thousands of Taxpayer Documents

Thursday, 27 Nov 2014 18:48 PM

The IRS improperly turned over thousands of confidential tax documents to the White House for review, according to infor . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved