Obama’s Plan Limits Tax Rise for Most High Earners, Study Says
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President Barack Obama’s plan to let Bush-era tax cuts for the highest-income Americans expire would have limited effect on 76 percent of those taxpayers, a study says.
Under the Democrats’ plan to end a tax break for those earning more than $200,000 per individual or $250,000 per couple, the 3.8 million filers who fall in the $200,000 to $500,000 income range would pay $2 billion more in 2011 taxes, or an average of $532, according to a July 30 letter from the nonpartisan congressional Joint Committee on Taxation.