President Obama Seeking Tax Cut for the Well-to-Do?

By Caitlin Taylor

May 12, 2009 2:58pm

Bob Williams of the Tax Policy Center notes that President Obama is proposing raising the highest two tax rates — but he’s also proposing that the threshold levels for one of those rates be raised.

The top tax rates would go from 33 to 36 percent, and 35 to 39.6 percent.

But the threshold for the new 36 percent bracket would be increased from $171,550 to $190,650 for individuals, and for couples from $208,850 to $231,300 in 2009.

Meaning: if you’re an individual who makes between $171,550 – $190,649, or part of a couple making between $208,850 – $231,299, you will go from the 33% tax rate to the 28% tax rate.

Under this proposal.

But: let’s see what happens when revenue-seekers on Capitol Hill figure this out.

Hat tip: Ambers.

- jpt

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