Under both Democratic plans, tax rates would increase by 3 percentage points
for each of the 25%, 28% and 33% brackets. At present, the 25% bracket begins at $31,850 for individuals and $63,700 for married couples. The 35% bracket on
incomes over $349,700 would jump to 39.6%.
So this would catch millions of Americans and force them to shell out another $1911 per family per year while they are incurring piles of debt. I guess that Obama middle class tax cut of $500 for singles and $1000 for families is the same thing as a store having a $100 off sale and then raising their prices by $300. One step forward and three steps back.
An extra $159.25 a month paid out in taxes might be a back breaker for many families. I thought they were supposed to be getting rid of so-called "tax cuts for the rich." I guess rich in the Democratic mind starts at $31,850 a year.
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