Mercury Rising 鳯女

Politics, life, and other things that matter

Joint Committee on Taxation scores Obama tax proposal

Posted by Charles II on March 30, 2009

The link is here.

The proposal adds $3T to the debt. Here are the big items, as I interpret them:

$447B…. index the Alternative Minimum Tax to inflation
$225B…. keep taxes on capital gains and dividends low
$578B…. keep middle class income taxes from rising
$472B…. keep upper class income taxes from rising on all but wealthiest
$543B…. tax subsidies for marriage and children
$537B…. tax subsidies for the working poor
ca. $200B… business tax cuts

There’s also a hefty little tax subsidy for those hard-working people who got their money the old-fashioned way: they inherited it.

My guess is that the Congress will take back most of the tax goodies for the working poor, some of them for marriage and children, and some of them for the middle class.

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