Political Calculations: Meet “The Rich”

Political Calculations: Meet “The Rich”.

President Barack Obama and the Democratic Party majority in the U.S. Congress are committed to allowing the federal income tax relief first passed in 2001 to expire after 2010, which will result in nearly everyone’s tax rates in the U.S. rising when they do. Our question today: Which taxpayers are going to get shafted the most when that happens?

Those that earn between $30,650 and 154.800 are going to be providing the lions share of the new revenue generated by this reset in tax codes.   Remember though, this “expiration” will not count as a tax increase.