Tuesday, November 11, 2008

A Suprise Tax Hike?

This doesn't look good:

. . .Dan Clifton, superanalyst at Strategas Research, has noticed that Speaker Pelosi is pushing for a permanent refundable tax credit on payroll taxes paid. Clifton thinks that tax credit could be paid for by a five percent surtax on higher income taxpayers. "While this achieves the same goal of raising the top tax rate, to achieve the permanent middle class tax cut, the 5 pct. surtax will fall on top of the higher income tax rates after the Bush tax cuts expire (39.6% + 5%)."

So we could end up with a top rate of 45 percent, higher than the top rate during the Clinton years. . .

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