By Bernie Becker
A coalition including top business groups is urging lawmakers to oppose the millionaire’s surtax that Senate Democrats are proposing to pay for President Obama’s jobs package.
The Tax Relief Coalition – which includes, among others, the U.S. Chamber of Commerce and the National Federation of Independent Business – said the proposed surtax, combined with other possible tax changes, would give millionaires a punitive tax bill.
“In sum, the Senate legislation would pay for the president’s jobs bill by raising tax rates on hundreds of thousands of business owners, a job killing tax hike to pay for a bill purported to strive for job creation,” the coalition wrote in a Friday letter to senators. The Democrats’ proposed 5.6 percent surtax would go into effect in 2013, with the Bush-era tax rates also set to expire at the end of next year. Those rates were all extended last year in the tax-cut compromise, but Obama has vowed not to extend them again for the highest earners.
The coalition letter also declares that the health care overhaul will bring new taxes in 2013, meaning millionaires would face almost an 50 percent rate if the surtax was implemented and the Bush tax cuts went away.
moreUpdated to add:
How Obama’s tax hikes would really impact the rich, in three easy charts<...>
Under Clinton, the top 1 percent paid 33.4 percent; under Bush it paid 29.8 percent; and under Obama it would go back up to 35.3 percent, less than two points than under Clinton.
Meanwhile, under Clinton, the top 0.1 percent paid 36.9 percent; under Bush it paid 32.8 percent; and under Obama it would go back up to 39.7 percent. By contrast, every other group would be paying lower rates under Obama’s proposals than under Clinton. (A table detailing these numbers is right here.)
<...>
Here's a table with the
after-tax incomes.
Charts also posted
here.
Printer-friendly format
Email this thread to a friend
Bookmark this thread
(1000+ posts)
Send PM |
Profile |
Ignore
