Bush Tax Cut

[Fly Rod]

Originally Posted by spence

Yes, I was assuming a joint filing. I wouldn't consider 250k to be rich either, but that wasn't the point...it's that the increase only comes into play above that amount.

Additionally, higher wage earners (and I would consider 250k to be a higher wage earner) who pay most of the taxes are also getting the same tax cuts afforded to the middle class.

So even though the top 2% would see their top rate increase a bit, the majority of the "Middle Class Tax Cut" is still going to the top 2%. This is important because this money if not offset by spending cuts (HAHA!) contributes to the deficit right?

The biggest group to be impacted by the tax change would be those earning 500K (rich yet?) and compared to their entire liability isn't a really big % change.

-spence

Are you a CPA?