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View Diary: Did Obama just trap the GOP? (89 comments)

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  •  All this bulls**t about a 4.6% increase... (7+ / 0-)

    on the top income tax bracket.  Changing the top bracket from 35% to 39.6%.  That's it.

    Let me lay this out for you:

    The top income tax rate for single filers and married couples filing jointly applies to taxable income over $388,350 in 2012.  They always say $250,000, but that was the income tax bracket back in 1993 when President Clinton's first budget was enacted; the number is adjusted for inflation each year, so it's $388,350 this year.

    If you are single or married filing jointly and you have taxable income (i.e., after credits, deductions, etc.) of $388,350 in 2012, you would pay not a dime more under President Obama's plan.  Let me say that again: Taxable income up to $388,350 a year; not a dime more.  Already, that's nearly 99% of all households in the country.

    If you are single or married filing jointly and you have taxable income of $1,000,000 in 2012, you would pay an extra 4.6% on everything over $388,350.  That is a measly $28,136 extra for a household making $1 million dollars a year.  Boehner et al. are fighting to save people making $1 million a year $28 grand.  2.8% of $1 million.  That's the only thing that is happening here.

    Pathetic!

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