Friday, October 7, 2011
Thinking on This Week's Senate Surtax
The Senate Democrats have offered yet another tax to pay for yet another $447 billion stimulus package. They now want to impose a 5.6% surtax on income over $1 million per couple.
Let’s add-up the increases that are being discussed or have already been passed into legislation:
· The expiration of the Bush tax cuts 39.6%
· The phase-out of itemized deductions (Pease) 1.19%
· The phase-out of personal exemptions (PEP) 1.15%
· The Medicare surtax on investment income 3.8%
· The Medicare surtax on earned income 0.9%
· This week’s Senate Democrat proposal 5.6%
I doubt this list is complete as the above is just off the top of my head.
You get the idea.