High-income taxpayers to pay more in 2011

Income Tax

The Tax Policy Center of the Urban Institute and the Brookings Institution contains fascinating (to a tax geek) and detailed information about taxes.  Particularly informative is the information on the Obama Administration’s 2010 income tax increase proposal.

Here’s a table showing the proposed increases for 2011 and the estimated increased revenue over a 10 year period:

Proposed Tax Increase 10 Year Tax Revenue
Income Tax Rates 33% and 35% $364 Billion
To 36% and 39.6%
Itemized Deductions Capped at 28% $291 Billion
Personal Exemption Phase-out and 3% $208 Billion
Floor on Itemized Deductions
Capital Gains Tax Rate 15% to 20% $105 Billion
Total $968 Billion

The tax rate increases are bad enough, but I really hate not being able to take advantage of all of my itemized deductions!  The IRS giveth, and then the IRS taketh away.

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