Taxes And The Proposed Tax Rates
The President Plans to Double Tax Rates for the Wealthy
President Obama is planning to tax income from capital gains as ordinary income. This will increase the top tax rate to 39.6 percent. These changes are meant to raise taxes of up to 1.4 trillion from top earners over the next decade.
Couples earning more than 200,000 annually will be required to treat income from dividends as ordinary income. According to the president, this would raise 206.4 billion dollars over the next decade.
According to Gene Sperling, the country cannot afford to lose 206.4 billion dollars on its revenue budget … Read more at 2011 Taxes.