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sinkingfeeling

(57,843 posts)
6. Really? Only if you're a smoker and use standard deduction on > $100,000 income.
Wed Apr 24, 2013, 09:09 AM
Apr 2013


"But the study also finds that some Americans of more modest backgrounds would face more taxes. Some people earning between $100,000 and $200,000 a year would pay about $150 more, while some earning less than $100,000 a year would pay less than $100 in additional taxes.

The higher taxes would result primarily from two proposals in Obama’s budget.

One would raise taxes on tobacco products, affecting rich and poor smokers alike — the tax on a pack of cigarettes would increase from $1.01 to $1.95.

The second proposal is more technical, affecting the value of the personal exemption and standard deduction as well as the income thresholds for different tax brackets. These are adjusted upward each year to account for inflation."

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