Originally published Saturday, February 28, 2009 at 12:00 AM
PrintHow 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...
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 |
||||
Copyright © 2009 The Seattle Times Company
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