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Showing posts with label surtax. Show all posts
Showing posts with label surtax. Show all posts

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%
                                                                                              --------------            
                                                                                                                       52.24%                                                                          
I doubt this list is complete as the above is just off the top of my head. 
You get the idea.