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Monadnock Guide
Council of Elders


USA



Bumppo's Patron since [at least]:
March 14 2005

Status: offline

 
Posted - May 16 2012 :  9:15:26 PM  Show Profile
http://www.smartmoney.com/taxes/income/how-the-expiring-bush-tax-cuts-affect-you/
.
Higher Tax Rates for All
.
You may think only individuals in the top two brackets will face higher federal income taxes if the Bush cuts go bye-bye as scheduled on Jan. 1, 2013. Not true. Unless Congress takes action and the president goes along (whoever that is), rates will go up for everyone -- not just "the rich." Specifically, the existing 10% bracket will go away, and the lowest "new" bracket will be 15%. The existing 25% bracket will be replaced by the "new" 28% bracket; the existing 28% bracket will be replaced by the new 31% bracket; the existing 33% bracket will be replaced by the 36% bracket; and the existing 35% bracket will be replaced by the 39.6% bracket.

Bottom line: We'll all see higher taxes.
you can keep "The Change"
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