The Tax Rate Debate- As I see it
Our Federal Government has been collecting our taxes under a 6 tiered progressive system for about 10 years. This system is now being termed a tax cut for the wealthy and that it needs to be repealed.
What will occur if the current tax rates are changed is a tax increase for every one of us, not just the “wealthy”. And, let me just make one comment about the definition of wealthy. The Clinton era bench mark of $ 250,000 as a household income of “wealth “seems to me to be a tad low. I would suggest adding a couple of zeros to the end of the number to get closer to how I define financial “wealth”.
The 2011 Tax rates as proposed are:
Tax Bracket Married Filing Jointly Single
15% Bracket $0 – $70,040 $0 – $35,020
28% Bracket $70,040 – $141,419 $35,020 – $84,872
31% Bracket $141,419 – $215,528 $84,872 – $177,006
36% Bracket $215,528 – $384,860 $177,006 – $384,860
39.6% Bracket Over $384,860 Over $384,860
http://www.fivecentnickel.com/2010/02/15/2011-federal-income-tax-brackets-irs-income-tax-rates/
The 2010 tax rates are
Married filing jointly Single
10 % $ 0- $16,000 $ 0- 8,350
15 % $ 16, 701- 67,900 $ 8,351- 33,950
25 % $ 67,901- 137, 050 $ 33, 951- 82,250
28 % $ 137,051-208,850 $ 82,251- 171,550
33 % 208, 851- 372, 950 $ 171, 551- 372,950
35 % 372, 951 –and over $ 372, 951 and over Turbotax 2009 tax year
Entrepreneurs, business owners and households that generate between 250,000 and 5 million annually are driving job creation for American workers. (CNBC SQUAWK Box )
I suggest we keep the tax rates the same, let’s get Americans back to work. Engage our State and Federal representatives in an honest conversation about reducing spending NOW. And, work earnestly to close tax loopholes on the WEALTHY who‘s taxable income is over $5, 000,000 annually.
