For examplesomeone making 350k a year. How much more in income tax do you think this person will pay under Obama???Just curious to see who actually knows how the tax system works in our own country.
The 1st step Obama wants is to bring back the Clinton 70% tax bracket for the group you reference. Obama's declared plan is not what he will actually do. Remember; Read my lips. No new Taxes. That will be Obama times 10. Just look at his voting record on taxes in Illinois.
If you have an ajusted gross ncome of 350,000 you would currenlty pay about 102,000 in taxes. Under Barrack Obamas plan your taxes would be about 116,000. So approximately $14,000 more in taxes I think this is fairly close from what I have seen.
Do you know when the Bush Tax cuts expire and when your 10% rate goes back up to 15%?
It's like stairs for simplicity's sake let's say the tax brackets are in 50k increments and for every bracket you go up you are taxed 5% so the first 50k is in the bottom bracket and 300-350k is the top this person's first 50k is untaxed 50-100k @ 5% $2500 100-150k @10% $5000 150-200k @ 15% $7500 200-250k @ 20% $10000 250-300k @ 25% $12500 300-350k @ 30% $15000 total tax $52,500 Notice the whole 350k isn't taxed at 30% *** These are not the real rates, just an example of how it works ***
