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Estate Planning
: North Carolina Estate Planning BlogHigh-income taxpayers to pay more in 2011
By Greg Herman-Giddens
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.
Full post as published by North Carolina Estate Planning Blog on February 16, 2010 (boomark / email).
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