Monday, February 23, 2009

Wealth Redistribution

Here we go... I need to get married and buy a house to get some tax deductions by 2011.

Washington Post
Obama also seeks to increase tax collections, mainly by making good on his promise to eliminate some of the temporary tax cuts enacted in 2001 and 2003. While the budget would keep the breaks that benefit middle-income families, it would eliminate them for wealthy taxpayers, defined as families earning more than $250,000 a year. Those tax breaks would be permitted to expire on schedule in 2011. That means the top tax rate would rise from 35 percent to 39.6 percent, the tax on capital gains would jump to 20 percent from 15 percent for wealthy filers and the tax on estates worth more than $3.5 million would be maintained at the current rate of 45 percent.

2 comments:

joseph said...

Or you can move to Singapore, haha! The taxes (according to my estimates) are lower than 9% and I'm sure the food and weather will be to your liking :p

totochi said...

Food maybe... weather is way too hot and humid for this ex-Canadian.