Originally published Saturday, February 28, 2009 at 12:00 AM

How your taxes would change — if Obama gets his way

President Obama wants to let the Bush-era tax cuts for the wealthy expire as well as limit itemized deductions for those in the highest...

Super-rich would be taxed most under Obama plan

President Obama wants to let the Bush-era tax cuts for the wealthy expire as well as limit itemized deductions for those in the highest income brackets.

If his wishes become law, the wealthiest Americans will lose the most and individuals with lower incomes will gain in many ways. Have an income in the $200,000-to-$400,000 range? You may not be affected as much as you fear.

The chart shown here outlines how Obama's proposals would affect typical individuals and families at various income levels. Figures are in dollars. Negative tax figures mean no federal income tax would be owed, and those taxpayers instead would receive refunds.




Status	Children	Income	Taxes	Change
Single	0	$35,000	3,000	— 400
Married	2	$35,000	— 4,100	— 1,200
Single	0	$50,000	6,000	— 400
Married	2	$50,000	— 40	— 800
Single	0	$150,000	26,200	— 400
Married	2*	$150,000	15,500	— 6,800
Single	0	$300,000	73,500	5,000
Married	2	$300,000	60,200	1,100
Single	0	$500,000	140,700	19,200
Married	2	$500,000	131,700	11,300
* One child is in college Source: Deloitte Tax LLP

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Comments

Tiger - they somehow never seem to make that connection... It's like the renter who votes "yes" for EVERYTHING because,... Posted on February 28, 2009 at 6:17 AM by a rancher in cheney WA. Jump to comment

So, the message is clear... The harder I work, the more I get penalized with taxes. We have become a Socialistic State where there is no initiative... Posted on February 28, 2009 at 7:02 AM by Big R. Jump to comment

Why should we pay taxes when everyone around Obama doesn't? Uh, oh. The Chicago Sun-Times: "The son of embattled Sen. Roland Burris is... Posted on February 28, 2009 at 7:06 AM by Hypocrites. Jump to comment

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