In the NYT on-line edition today (July 25,2010 - Politics, "Battle Looms in Washington Over Expiring Bush Tax Cuts") the paper of record blows off the significance of the increasing tax rates looming if the Democrats allow the Bush tax cuts to expire on January 1st, as currently scheduled.
The article reports: "The top marginal income tax rate, for example, would go back to 39.6 percent from 35 percent now, with corresponding increases in rates for lower income brackets." [emphasis added]
This top rate increase (4.6 percentage points) will cause a taxpayer in that bracket to pay 13% more in taxes than previously on the same income.
However, at the lowest income bracket, the rate jumps from 10% to 15% (5.0 percentage points). For this low-end earner the taxes he or she will pay next year jumps by 50% . Hardly, simply a "corresponding increase" ! ! !
Isn't it cunning how this liberal rag can hide the realities from their readers!!!
The article reports: "The top marginal income tax rate, for example, would go back to 39.6 percent from 35 percent now, with corresponding increases in rates for lower income brackets." [emphasis added]
This top rate increase (4.6 percentage points) will cause a taxpayer in that bracket to pay 13% more in taxes than previously on the same income.
However, at the lowest income bracket, the rate jumps from 10% to 15% (5.0 percentage points). For this low-end earner the taxes he or she will pay next year jumps by 50% . Hardly, simply a "corresponding increase" ! ! !
Isn't it cunning how this liberal rag can hide the realities from their readers!!!
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