only republicans can argue that "fairness" means those who benefit the most should get even more
obama's tax cut is on INCOME below $250,000. the rich get the FULL $6,957.50 tax cut!
obama's proposal isn't just "for people" making under $250,000, it's a tax cut on the first $250,000 of EVERYONE's income.
think of it as a $6,957.50 tax cut with a phase-in over the first $250,000 of taxable income. rich people get it too, in fact they get it ALL.
so all this whining from rich people about fairness is crap, they get the whole enchilada, the rest of us just get our phased-in portion.
a lot of us would be getting much less and could really use $6,957.50, so rich people shouldn't moan about "only" getting, uh, more than everyone else.
---
for the tax geeks, i figured $6,957.50 from these tables, comparing married joint filers under extension vs, expiration scenarios. the actual number isn't particularly important, the point is simply to use an actual dollar amount. i'm assuming the cut-off is actually the $223,050, the top of the 28% bracket, rather than an actual $250,000.
10% * $17,900
15% * ($72,500 - $17,900)
25% * ($146,400 - $72,500)
28% * ($223,050 - $146,400)
= $49,917.00
15% * $60,500
28% * ($146,400 - $60,550)
31% * ($223,050 - $146,400)
= $56,874.50
Scenario 1: Tax cuts under the extension of the Bush-era tax cuts for all
Rate Single Filers Married Joint Filers Head of Household Filers
10% $0 to $8,950 $0 to $17,900 $0 to $12,750
15% $8,950 to $36,250 $17,900 to $72,500 $12,750 to $48,600
25% $36,250 to $87,850 $72,500 to $146,400 $48,600 to $125,450
28% $87,850 to $183,250 $146,400 to $223,050 $125,450 to $203,150
33% $183,250 to $398,350 $223,050 to $398,350 $203,150 to $398,350
35% $398,350 and up $398,350 and up $398,350 and up
Scenario 2: Tax brackets under the expiration of the Bush-era tax cuts for all
Rate Single Filers Married Joint Filers Head of Household Filers
15% $0 to $36,250 $0 to $60,550 $0 to $48,600
28% $36,250 to $87,850 $60,550 to $146,400 $48,600 to $125,450
31% $87,850 to $183,250 $146,400 to $223,050 $125,450 to $203,150
36% $183,250 to $398,350 $223,050 to $398,350 $203,150 to $398,350
39.60% $398,350 and up $398,350 and up $398,350 and up
http://www.forbes.com/sites/moneybuilder/2012/11/01/2013-federal-income-tax-brackets-and-marginal-rates/
