The new law penalizes marriage and for many upper-middle income families may boost federal marginal tax rates well above 40%.
For instance, while it would protect about 25 million middle- and upper-middle income households from the dreaded Alternative Minimum Tax, it would do so for 2012 only.
FORBES: Washington Starts To Dance Away From The Fiscal Cliff
The irony is that many of these Senators hail from relatively well-to-do states that would be hardest hit by the tax increase on investment income and upper-middle-income earners.
The Insurance segment provides annuity and life insurance products to the middle and upper-middle income markets in the U.S. The Energy segment owns and operates conventional oil and natural gas properties.
The lower taxes on investment income mean that many high-income taxpayers face a lower ETR than middle- and upper-middle-income people who get almost all of their income from working.
Dillard's Inc. ( DDS - news - people ) caters to middle- and upper-middle-income women, selling name-brand and private-label merchandise with a focus on apparel and home furnishings.
Since independence in 1976, per capita output in this Indian Ocean archipelago has expanded to roughly seven times the pre-independence, near-subsistence level, moving the island into the upper-middle income group of countries.
The cost difference is due in large part to a provision in the Senate bill that would "patch" for one year the Alternative Minimum Tax so that it doesn't start to hit middle- and upper-middle-income families.
This shadow tax system, created in 1969 to make sure fat cats with oil wells paid some tax, now hits upper-middle-income folks who claim too many deductions for ordinary stuff like state and local taxes.
"This is one way to have an effect on the economy next month that would help during the Christmas season and that would help the employees, lower-income, middle-income, upper-income and employers, " said Senate Minority Leader Trent Lott, R-Mississippi.
Or they can embrace new taxes on both upper- and middle-income earners that will restrain economic growth.
WSJ: Michael Solon: The Revenue Deficit From Progressive Tax Rates
He has significant changes to the tax code that would provide large tax benefits to upper-income households, while shifting the burden onto middle and lower-income households.
In theory, the presence of upper-income dwellers breeds quality schools, which can serve the middle- and lower-income children in the region.
Interestingly, its customers were not impacted too much by the payroll tax increase since the retailer caters to middle-upper income and upper income demographic.
Although low- and middle-income households remain financially stressed, upper-income households appear to have weathered the downturn in stronger fashion.
Superama supermarkets, which are open 24 hours and make home deliveries, serve middle- and upper-income customers in urban areas.
How could you cut tax rates and still increase the share of taxes paid by upper-income Americans relative to middle-class Americans?
In Houston, where there are now 14 stores, the company is running its first TV commercials zoned to middle- and upper-income cable customers.
For Democrats, the bill's tax increase makes good on their party's marquee promise in the 2012 election to raise taxes on upper-income Americans and not the middle class.
Pundits on both sides acknowledge that President Obama has an agenda to redistribute income, capital and benefits (like health care) from the upper income to the middle-class and poor.
FORBES: Raise Taxes To Kill A Recovery And Nail The Coffin Shut
President Obama wants to widen progressive income-tax rates to redistribute more money from the upper income to the middle class.
FORBES: Raise Taxes To Kill A Recovery And Nail The Coffin Shut
Students from middle-income families and upper-income families must pay 25 percent and 13 percent of family income, respectively.
The president wants to raise taxes on the upper income and reduce taxes on the middle-class.
FORBES: Raise Taxes To Kill A Recovery And Nail The Coffin Shut
So what we end up with is upper-middle-class taxpayers paying the highest actual percentage of their income, over 31%, according to a 2010 study by the group Citizens for Tax Justice.
This is somewhat true, particularly for parts of London and New York, which can survive high ratios because their markets are less national and middle-income and more tied to the global upper classes.
The work to change that perception has been wildly successful, but now the messaging around breastfeeding tends to be rooted in a middle-to-upper class mindset that fails to relate to low-income communities.
By consistently pushing for higher tax rates on top earners, and tax credits and lower rates for lower- and middle-income earners, Democratic tax policies have unintentionally left the government dependent on the prosperity of upper-income taxpayers.
WSJ: Michael Solon: The Revenue Deficit From Progressive Tax Rates
应用推荐