High-income taxpayers to pay more in 2011
Categories
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.
