Tags: US | Expiring | Tax | Cuts

Rangel Departure Highlights Undone Tax Agenda

Thursday, 04 Mar 2010 07:25 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

Rep. Charles Rangel, D-N.Y., picked a busy time to temporarily step aside as chairman of the tax-writing House Ways and Means Committee.

A host of tax cuts, most enacted in 2001 and 2003, are scheduled to expire at the end of the year.

If Congress doesn't act, this is what taxpayers will face Jan. 1:

• The top two marginal tax rates would increase, with the top rate going from 35 percent to 39.6 percent. The increase would affect individuals making more than $171,850 and couples making more than $209,250. President Barack Obama has asked Congress to limit the tax increases to individuals making more than $200,000 and couples with incomes more than $250,000.

• Tax rates also rise for just about every other income level. The lowest tax rate would rise from 10 percent to 15 percent. This year that 10 percent rate applies to taxable income under $8,375 for individuals and under $16,750 for couples.

The child tax credit would be reduced from $1,000 to $500.

• The top tax rate of 15 percent on dividends would expire, leaving dividends to be taxed as regular income, with a top rate of 39.6 percent.

• The top capital gains tax rate of 15 percent would increase to 20 percent.

• The federal inheritance tax, which has been gradually phased out over the past several years, will return with a 55 percent tax on estates above $1 million.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  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

Microsoft Plans to Launch Smartwatch in Weeks: Forbes

Sunday, 19 Oct 2014 19:00 PM

Microsoft Corp. is preparing to launch a smartwatch within the next few weeks that will passively track a user's heart r . . .

Facebook Unfriends Federal Drug Agency

Saturday, 18 Oct 2014 13:13 PM

Facebook wants assurances from the Drug Enforcement Administration that it's not operating any more fake profile pages a . . .

New Apple iPads Sport Modest Upgrades, Fall Short on 'Wow' Factor

Friday, 17 Oct 2014 08:31 AM

Apple Inc.'s faster, slimmer iPads come with modest improvements, such as a fingerprint sensor, but some analysts say it . . .

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