Debt Panels’ Tax Rates Jump For Upper Middle Class, Drop For Top Earners

IBD's Capital Hill ^ | 11/19/2010 | Jed Graham

[Slyscribe]

The Bipartisan Policy Center’s debt reduction task force led by Pete Domenici and Alice Rivlin has performed a public service by trying to build a consensus and for offering some worthy ideas to steer the nation away from a fiscal cliff. But here’s one set of statistics that sticks out like a sore thumb.

The highest marginal income tax rate at the federal level would be about 42%, including the employer portion of payroll taxes, paid by individuals earning from $51,000 to the top of the raised ceiling for Social Security’s 12.4% payroll tax. That ceiling is now $106,800, but it would gradually rise to today’s equivalent of about $180,000 under the Domenici-Rivlin plan.

The top marginal tax rate on the very highest earners: 30.8%.

[rarestia]

JHC! So I have to contend with the Bush tax cuts expiration and the possibility that my tax rate goes up?

FUBO!

[updatedscreenname]

Tea Party could do a better job of getting the truth out.

When all of this spending eventually gets paid for they will have to come for the middle class. Why? Because even if they taxed all the ‘rich’ at 100% it would only be a drop in the bucket! They need to define the middle class at lower and lower incomes as the debt mounts!

The first line in the sand at stopping the spending should be an absolute refusal to increase the debt limit

[FreedomProtector]

“Currently, the highest federal marginal tax rate is about 43%, paid by those with income from $82,400 to $106,800, who fall into the 28% tax bracket and whose full wage income is subject to Social Security payroll taxes.”

There are many people in this area who would work more, side home businesses, etc, if it wasn’t for this. The area just before social security cut off is a very very high marginal rate.

[cicero2k]

Would any of this increase show up in the phony CPI number?

Taxes are not a “price” per se, but they are a cost of living. If we can’t include them, than the CPI only has meaning for those that don’t pay tax, phony as it is.

[GailA]

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