Most Americans want the Bush tax cuts made permanent …

According to IBD /TIPP …

  • 51% percent of Americans favor making the Bush cuts permanent vs. 28% who didn’t.
  • Republicans were more than 4 to 1 and Independents more than 2 to 1 in favor.
  • Only Democrats were opposed, but only by 40% to 38%.

The cuts also proved popular among all income groups — despite the Democrats’ oft-heard assertion that Bush merely provided “tax breaks for the wealthy.”

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* * * * *

As of midnight Dec. 31 , if the Bush tax cuts aren’t extended …

  • The death tax returns — at a rate of 55% on estates of $1 million or more.
  • The lowest bracket for the personal income tax moves up 50% — to 15% from 10%.
  • The next lowest bracket — 25% — will rise to 28%, and the old 28% bracket will be 31%.
  • At the higher end, the 33% bracket is pushed to 36% and the 35% bracket becomes 39.6%.
  • The marriage penalty makes a comeback … e.g. the standard deduction for couples is fixed at the same level as it is for single filers.
  • The capital gains tax will jump 33% — to 20% from 15%.
  • The tax on dividends will go all the way from 15% to 39.6% — a 164% increase.
  • Other tax hikes include: halving the child tax credit to $500 from $1,000

Source IBD: The Tax Tsunami On The Horizon, 07/21/2010
http://www.investors.com/NewsAndAnalysis/Article.aspx?id=541131

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