All of this badness being introduced into the tax system to get an additional 0.4% of gdp in revenues (static assumption) or more like 0.2% after behavioral changes are taken into consideration...
This is what happens when you have one political party which believes that entitlement spending for 300 million people can stay on its current path paid for by a couple of million people, while the other party has been busy shooting itself in the foot by refusing to recognize tax expenditures for what they really are...
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Why are personal exemptions and itemized deductions being phased out? I thought people were talking about capping them?
edit: I didn't know about personal exemption phaseouts but it doesn't seem like it would make a very big difference.Last edited by giblets; January 1, 2013, 19:10.Leave a comment:
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Top marginal tax rate in US now ~65%
For a married couple living in NYC earning about 360k a year agi
The whole range from 300k to 400k is above 60%
Based on 33-35% federal marginal rates, 10% state+local, 3.8% medicare tax, and phaseouts for personal exemptions and itemized deductions. Could be even higher if they have a mortgage.
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