Let’s assume that the annual A.M.T. patch continues to occur each year — the patch adjusts the calculation that accounts for inflation to avoid ensnaring even larger numbers of taxpayers. (That assumption is a pretty safe one, though who would have predicted that you could elect to pay no estate taxes in 2010?) With the patch, this couple will pay tax at the A.M.T. rate in 2011 and 2012. Their total federal taxes in each of those years will be $65,604.
If the Bush tax cuts expire in 2013, they’ll no longer be paying the A.M.T. rate. But their income taxes will be only $66,981, just $1,377 more than 2012.
That number does not take into account the president’s proposed 28 percent deduction limit. Ms. Trimble said that there was a lot of debate in tax circles about precisely how it would work in practice.
But if the proposal simply means that you calculate taxable income for 2013 and then pay 28 percent of it, you get $69,633, or just $4,029 more than the family would have paid in 2011 and 2012.
So under Obama's Class War if your family makes $350,000 per year you'll pay about $4,000 more in income tax. The the hypothetical family in this article saves $30,000 in a 401K savings plan. 40% percent of American households have incomes of less than $30,000. Think about that, forty percent of American households live on what this family saves for retirement. A typical Walmart person on the floor makes about $18,000 per year working full time. Hell, the Assistant Manager's position, which would be considered a great job in my area, only makes about $45,000 [Walmart].
It's pretty easy to see who's really winning the class war.
tnb
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