Tags: Tax | Obama | Budget | Rich

Tax Policy Center: Obama Budget Plan Would Hit Rich Hardest

Thursday, 22 Mar 2012 12:37 PM

President Barack Obama's budget proposal aims to seriously hike taxes on the rich, a study shows.

Those in the top 1 percent income bracket can expect to see an average tax hike of nearly $109,000 in 2015, according to analysis from the Tax Policy Center, CNNMoney reports.

About estimated 16 percent of households would pay less taxes under Obama's 2013 budget proposal.

Editor's Note: You Owe It to Yourself to Know What Obama and Bernanke Are Hiding From Americans

About 33 percent of households would face a higher tax bill, but for many of them, the increases would likely be small, according to Roberton Williams, a senior fellow at the Tax Policy Center, CNNMoney adds.

Even the moderately wealthy can expect to fork out more in taxes.

About 63 percent of tax filers with incomes between $100,000 and $200,000 would see average increases around $500, while those making $200,000 to $500,000 would pay $4,942 more on average.

The budget proposal's calls for the top two income tax rates — currently 33 percent and 35 percent — to rise to 36 percent and 39.6 percent, while tax rates on capital gains and dividends for high-income households would rise to 20 percent from 15 percent today.

The proposal would also limit the value of their itemized deductions.

House Republicans, meanwhile, have unveiled their own budget proposal that aims to slash deficits by $3.13 trillion over the next decade via spending cuts.

"We are sharpening the contrast between the path we are proposing and the path of debt and decline that the president has placed us upon," says the proposal's author Paul Ryan, a Wisconsin congressman, according to Reuters.

Editor's Note: You Owe It to Yourself to Know What Obama and Bernanke Are Hiding From Americans



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Thursday, 22 Mar 2012 12:37 PM
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