His original plan was not to raise the tax rate on incomes of $200K/$250K. I thought that that might have been in an earlier proposal, but it was not. He has always proposed just adjusting the deductions that incomes at that level and above can take. For example, he proposes to cap itemized deductions at 28%. So you just misunderstood what was in his original plan. The reality is that those adjustments will raise taxes paid by most (not all) people at that level, but it is not being called a "tax hike" by Obama, because it does not raise the tax rate paid. That may sound like verbal gymnastics to you (and to me, because I don't deny the semantic game), but it is the same type of claim that Republicans have used in the past to deny that they were raising taxes when, in fact, they were raising taxes.
His original plan has ALWAYS been to raise the top two tax brackets - which are the tax brackets that those making over $200,000 fall into.
This is in ADDITION to reducing deductions, and adding MORE tax brackets under the Buffett Rule.
I am not the one misunderstanding tax brackets here.
"High-income households:
Let tax cuts expire: The 2001 and 2003 Bush tax cuts are scheduled to expire by 2011. Obama is sticking to his call to let those tax cuts expire for high-income households ($200,000 for individuals; $250,000 for families). The White House estimates close to $700 billion would be raised over 10 years.
This provision would
raise the top two individual income tax rates to where they were in 2001, before passage of the Bush tax cuts.
The 33% bracket would become 36%. And the 35% bracket would rise to 39.6%.
In addition, the long-term capital gains tax rate would increase to 20%, up from 15% currently.
The provision would also reinstate so-called phaseouts for high-income households, which would essentially reduce their eligibility for a host of personal exemptions.
Obama's proposed tax changes - Feb. 2, 2010
Single Filers
These tables are for single filers who are not surviving spouses or heads of household:
Taxable IncomeTax$0 – $8,500 10% of taxable income
$8,500 – $34,500 $850 plus 15% of excess over $8,500
$34,500 – $83,600 $4,750 plus 25% of excess over $34,500
$83,600 – $174,400 $17,025 plus 28% of excess over $83,600
$174,400 – $379,150 $42,449 plus 33% of excess over $174,400
$379,150+ $110,016.50 plus 35% of excess over $379,150
Married & Surviving Spouses
These tables are for married filing jointly or surviving spouses:
Taxable IncomeTax$0 – $17,00010% of taxable income
$17,000 – $69,000 $1,700 plus 15% of excess over $17,000
$69,000 – $139,350 $9,500 plus 25% of excess over $69,000
$139,350 – $212,300 $27,087.50 plus 28% of excess over $139,350
$212,300 – $379,150 $47,513.50 plus 33% of excess over $212,300
$379,150+ $102,574 plus 35% of excess over $379,150
Head of Household
These tax tables are for those considered Heads of Household:
Taxable IncomeTax$0 – $12,15010% of taxable income
$12,150 – $46,250 $1,215 plus 15% of excess over $12,150
$46,250 – $119,400 $6,330 plus 25% of excess over $46,250
$119,400 – $193,350 $24,617.50 plus 28% of excess over $119,400
$193,350 – $379,150 $45,323.50 plus 33% of excess over $193,350
$379,150+$106,637.50 plus 35% of excess over $379,150
Married Filing Separately
These are tax tables for those filing as Married Filing Separately:
$0 – $8,500 10% of taxable income
$8,500 – $34,500 $850 plus 15% of excess over $8,500
$34,500 – $69,675 $4,750 plus 25% of excess over $34,500
$69,675 – $106,150 - $13,543.75 plus 28% of excess over $69,675
$106,150 – $189,575$23,756.75 plus 33% of excess over $106,150
$189,575+$51,287 plus 35% of excess over $189,575
» Official 2011 US Income Tax Brackets (IRS Tax Rates)
No, I do not acknowledge that. Tax rates will not go up for those earning $200K and above. The actual taxes paid will go up, however, because of the way in which the changes will affect taxes paid. Those earning above $1 will see a raise in their tax rate, not those below.
I hope I have clarified that Obama's plan includes raising the tax rates on the top two present income tax brackets
as well as creating new, and higher tax rates for millionaires, in addition to cutting tax deductions.
On this particular issue, you are going with the Republican talking points about Obama's plan.
Please show me where I have supported the Republican position. I am supporting a progressive tax as well as eliminating some deductions. Additionally, I support higher tax brackets for millionaires as well.
You seem to only acknowledge demonization when it is directed at you.
Au contraire - I am a huge supporter of individual rights (and responsibilities) civil rights, gay rights, programs such as Medicaid, free speech, freedom of religious expression, etc. I speak out vigorously when I see any group being unfairly demonized or targeted.
In this particular case, it happens to be MY group that's being targeted.