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In reply to the discussion: The USA only has one fiscal problem: Lack of political will to tax those who have all the money. [View all]The increase was from 35% to 43.4% (increase in the income tax rate of 4.6%, from 35% to 39.6%, plus an ACA surcharge of 3.8%. The 8.4% is the 4.6% increase plus the new 3.8% surcharge.
Details and links:
Expiration of Bush tax cuts for individuals earning $400,000 or more and couples earning $450,000 or more:
For individuals with taxable income of $400,000 per year or less ($450,000 for a married couple on a joint tax return, both thresholds to be indexed for inflation after 2013),[1] the tax rates for income, capital gains, and dividends remained at their 2012 levels, instead of reverting to the higher rates from the expiration of the Bush tax cuts.[2][3]
For individuals with taxable income over the $400,000/$450,000 thresholds:
-The top marginal tax rate on income of 39.6%, provided for under the expiration of the 2001 portion of the Bush tax cuts, was retained. This was an increase from the 20032012 rate of 35%.[2]
- The top marginal tax rate on long-term capital gains of 20%, provided for under the expiration of the 2003 portion of the Bush tax cuts, was retained. This was an increase from the 20032012 rate of 15%.[3]
- The top marginal tax rate on dividends, which would have increased to the ordinary income rate of 39.6% due to the expiration of the 2003 portion of the Bush tax cuts, was set to the capital-gains rate of 20%. This was an increase from the 20032012 rate of 15%.[3]
A phase-out of tax deductions and credits for incomes over $250,000 for individuals and $300,000 for couples was reinstated. Limits on deductions had existed before the Bush tax cuts, and had disappeared in 2010.[2]
http://en.wikipedia.org/wiki/American_Taxpayer_Relief_Act_of_2012
3.8% surtax for the wealthy on capital gains, dividends and interest income:
Surtax on unearned income. The Affordable Care Act will add a 3.8% surtax on net investment income over the modified adjusted gross income (MAGI) threshold of $200,000 for single filers and $250,000 for married filers. Net investment income includes interest, dividends, royalties, rental income, gross income from a trade or business involving passive activities, and net gain from disposition of property (other than property held in a trade or business). With the new surtax, long-term capital gains and qualified dividends are taxed at a top rate of 23.8%, while non-qualified dividends, interest and rental income are taxed at a top ordinary rate of 43.4%. This does not include the "stealth tax," related to the phase-out of personal exemptions and itemized deductions for high earners, or the marginal rate "marriage penalty" that's set to come back for tax years beginning after December 31, 2012.
http://www.schwab.com/public/schwab/resource_center/expert_insight/personal_finance/tax/healthcare_taxes.html
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The USA only has one fiscal problem: Lack of political will to tax those who have all the money. [View all]
Scuba
May 2016
OP
Sorry. Did not mean "Revoke all ..." But do states EVER revoke a corporate charter?
SomeGuyInEagan
May 2016
#104
Absolutely right... punish the big guys.. and the small guys will suffer too.nt
clarice
May 2016
#114
Since President Obama's reelection, the top rate of income tax on the rich has increased by 4.6%.
Nye Bevan
May 2016
#3
well, one solution would be to exempt houses and businesses from the CG tax
Fast Walker 52
May 2016
#102
I like it! Now if we can only get Congress in the control of sane people...
Fast Walker 52
May 2016
#127
The income tax rate doesn't affect a lot of the rich. Like Steve Jobs was only paid $1 a year.
LiberalArkie
May 2016
#15
Yes, just more proof that there arent enough rich people to make a big difference.
7962
May 2016
#71
I am finally one of the privileged few. I don't have to pay taxes any more.
LiberalArkie
May 2016
#27
exactly-- the Pentagon is a very costly, inefficient and highly polluting jobs program
Fast Walker 52
May 2016
#67
It always seems that the only people given the advice to "get the skills for the new economy"
lumberjack_jeff
May 2016
#92
They could learn! I've got degrees, but I worked as a waitress, a dishwasher, and all
JDPriestly
May 2016
#43
Apparently not. According to some, aero engineers are incapable of change ...
SomeGuyInEagan
May 2016
#105
We could use passenger planes that pollute less, that use less petrochemical fuel.
JDPriestly
May 2016
#108
Sure they do, and with minimal retraining. Materials change, the math and engineering skills do not.
hunter
May 2016
#111
Get rid of military contractors doing work that the military used to do for itself-
KittyWampus
May 2016
#96
bernie is free to pay way more tax than he does with his low tax rate and all. He could chip in
msongs
May 2016
#9
Yes if you want to overpay what you owe you must send it to the Bureau of the Fiscal Service
PoliticAverse
May 2016
#126
Nearly. But too many act as if there is no harder work necessary to solve the problem.
jtuck004
May 2016
#14
You say that as if most members of Congress don't have shit tons of money themselves
YoungDemCA
May 2016
#16
"You say that as if most members of Congress don't have shit tons of money themselves"
Phlem
May 2016
#26
progressive taxation is an extremely important way to keep the oligarchs in check
Fast Walker 52
May 2016
#68
here is a quote from Upton Sinclair that explains why our govn't doesn't tax the rich...
Javaman
May 2016
#100
Its not political will it the ignorant Americans, still cannot see what is being done
rladdi
May 2016
#107
Scuba.... you know that I love you... but do you really think that is the answer?nt
clarice
May 2016
#113
Who is hiding trillions? I can only think of Soros and that crowd... I doubt that.....
clarice
May 2016
#116
Don't forget the huge amount of the budget that goes to our bloated military. nt
tblue37
May 2016
#121