JLP of All Financial Matters forecasts what the 2011 tax brackets will look like assuming President Obama and Congressional Democrats pass the tax proposals that are currently on the table:
I’ve been doing a little reading lately about the taxes.
As we all know, the Bush tax cuts expire after 2010. There is talk about leaving the tax cuts alone for the lower brackets but bringing back the 36% and 39.6% tax brackets for taxable incomes of $250,000 and above.
Based on that information, I took the 2009 federal income tax brackets for married filing jointly (MFJ), which look like this.
Related Posts:
- Obama Tax Increases Applied
- Democrats Propose Special Surtax on the “Rich” to be Added to Obama Tax Increases
Bookmark & Share:
14 responses so far ↓
1 Andy // Apr 25, 2010 at 6:23 pm
I agree, we will see boosts in the top marginal rates from 33% and 35% to 36% and 39.6% respectively. Other tax rates should stay the same. Still more people, particularly as the economy improves, will fall into higher tax brackets.
2 mccallister // Jul 9, 2010 at 12:24 pm
Wait until liberal hollywood is hit with these taxes
3 Carl // Jul 24, 2010 at 12:16 pm
I am single, and I could really care less about MFJ brackets, call me selfish. I want to know how this impacts my situation. Why is MFJ the only link you provide? Just another example of how single people are discriminated against. The so – called “marriage penalty” was not a penalty at all, they were being taxed at the same rates at singles. So what the government did in 2001 or 2002 was to give a big fat tax break to married couples based on a make-believe “penalty”.
4 db2010 // Jul 24, 2010 at 1:08 pm
Why shouldn’t the highest income brackets pay more. As the Bible says, To those who are given more, more is expected. Let’s not forget wages for most Americans have been frozen or in decline for years–and it’s not all because of the Chinese–Congress has had everything to do with big industry moving jobs offshore. The purchasing power of the dollar has declined woefully. I’m sick of the well-to-do crying like little babies when they’re asked to contribute $5,000 more a year. Hey, the military isn’t protecting the average citizen from threats, it’s protecting big business. So big business should foot more of the bill! If someon’e can’t live on $250,000 a year they’re simply weak and self-indulgent. And let’s face it, there is no middle class in America anymore. It truly has become the country of the haves vs. the have nots. And the haves haven’t earned it on their own, laws were enacted to assist them and them alone. Trickle down economics is a myth, the reality is: Peeing down on you suckers.
5 Ken Spear // Jul 24, 2010 at 1:52 pm
Ten years of tax cuts have shrank the middle class to much. Incomes over $250,000 should be paying 40% and incomes over $500,000 should be paying 45% and incomes over $1,000,000 should be paying 59% and no loopholes allowed. It is time to bring out overburdened middle class back to a healthy status again.
6 Peter // Jul 24, 2010 at 3:15 pm
db,
Statistics prove that when the rich get richer so do the poor and the middle class.
7 Brad // Jul 24, 2010 at 3:31 pm
Taxes will not bring back the middle class! Taxes only make the government stronger. Penalizing prosperity will only cripple this country further and force us into a despotism. The middle class was built on fair wages not handouts. The answer is not taxes!
8 Dave // Jul 24, 2010 at 5:55 pm
Perhaps if the Govt cut their spending as severely as the working person has had to…. we all could have our taxes go down. more they spend, more we all have to pay.
9 J-Dizzle // Jul 24, 2010 at 10:48 pm
Where’s your stats Peter? Last I checked over the years the Rich have gotten Richer while everyone else has been left in the cold. During the Clinton era, the average household was making more money then they currently are and now Wall Street, Big Oil and all those other cats up in the top 1% have been seeing profits in record numbers. On top of that, they got the biggest tax cuts of anyone, money in fact they didn’t even need!
To make matters worse, the rich are the ones who created this huge mess and it’s the middle class and the poor that have had to suffer, yet all we keep hearing about is how the middle class and their kids and grandkids will have to pay for everything that’s gone wrong and no one is talking about how the upper class, the one’s at fault for this mess should be paying for it when it all happened on the GOP watch.
Also, don’t give me that garbage about how the Dems held congress for Bush’s final 2 years. They didn’t have filibuster proof control meaning the GOP voted yes just as much and Bush still had to put his signature on the dotted line. The GOP was just as much in control if not moreso because Bush was president.
It’s time the rich pay their share and become more productive, hire more people and use the profits from that higher productivity to pay their share. Higher taxes on the rich with tax cuts for those who hire more workers.
10 Peter // Jul 25, 2010 at 11:37 am
J Dizzle,
Hear are the stats. From the CBO and republished by the CBPP.
http://blog.pappastax.com/index.php/2010/07/11/case-rested-trickle-down-policies-work/
http://blog.pappastax.com/index.php/2010/06/27/a-win-for-the-tax-the-rich-crowd/
http://blog.pappastax.com/index.php/2010/06/30/the-art-of-spinning-statistics/
11 scott // Jul 25, 2010 at 11:24 pm
Middle class is shrinking because so many Americans feel they are owed rather than go out and make a better living for themselves. I am tired of hearing the under achievers complain about the rich because they are not smart enough or willing to work hard enough to better themselves. They want someone else to pay for them. That’s the problem with America today.
12 DEMwhat // Jul 26, 2010 at 5:03 am
LOL, the article speaks for itself, nice one Peter… by the way 8 years in office Bush 1 trillion in debt …..Obama 1 and half years in office 4.5 trillion…increase of atleast 3.5 trillion????priceless!!!..wow thats a lot of debt for the savior of all lower and middle class citizens….so much for “Change”…lol
13 Bob // Jul 26, 2010 at 3:59 pm
Why can’t we have a flat tax rate? I’d like to be able to count on what is going to happen, rather than throw money at an convoluted system, (which was no doubt designed by lawyers and accountants), hoping everything comes out all right. That way, the government would know what it has to spend and should budget accordingly. We should remember, that it is us, the taxpayers, who pays them.
14 Peter // Jul 27, 2010 at 5:31 pm
scott,
Bingo.
Left wing policies, however well-intentioned, have created a permanent underclass of Americans who have absolutely no confidence in their own ability to achieve success.
Leave a Comment