Skip to main content
Advertising

Originally published December 17, 2012 at 12:56 PM | Page modified December 17, 2012 at 4:27 PM

  • Share:
             
  • Comments (0)
  • Print

Tax hike comparison

House Speaker John Boehner is proposing to let tax rates increase on incomes above $1 million, while President Barack Obama wants to let taxes go up on incomes above $200,000 for individuals and $250,000 for married couples. Could they land somewhere in the middle?

The Associated Press

Most Popular Comments
Hide / Show comments
No comments have been posted to this article.
Start the conversation >

advertising

House Speaker John Boehner is proposing to let tax rates increase on incomes above $1 million, while President Barack Obama wants to let taxes go up on incomes above $200,000 for individuals and $250,000 for married couples. Could they land somewhere in the middle?

A look at how many households would be affected by those proposals, as well as one to increase taxes on households making more than $500,000, and rough estimates of the additional revenue they would generate over the next decade:

---

Plan: Increase the top two tax rates on income above $200,000 for individuals and $250,000 for married couples. The 33 percent tax bracket would increase to 36 percent on income above the thresholds, and the 35 percent tax bracket would increase to 39.6 percent on taxable income above $397,000.

Households affected: 2.8 million.

Additional revenue: $442 billion.

---

Plan: Increase the 35 percent tax rate to 39.6 percent on income above $500,000.

Households affected: 965,000.

Additional revenue: $280 billion.

---

Plan: Increase the 35 percent tax rate to 39.6 percent on income above $1 million.

Households affected: 368,000.

Additional revenue: $200 billion.

---

Sources: Office of Management and Budget, Joint Committee on Taxation, Tax Policy Center, AP calculations.

Note: Additional components could be added to each plan, such as limiting deductions or increasing taxes on investments, which would increase revenue even more.

News where, when and how you want it

Email Icon

The Seattle Times photographs

Seattle space needle and mountains

Purchase The Seattle Times images


Advertising