By the end of 2009 every tax bracket will be facing a hike. Go ahead, bet against me. I'll take your money and send it to the government come tax time 2010.
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5 comments:
Even private wagers will be taxed?
The top marginal rate is obviously going up but I think the middle-class one will see a restructure, possibly splitting in half. The current 10% (the old 15%) will come back...I think finding more ways to get people into a middle-class marginal rate will get more people paying some kind of tax.
The old pre-Reagan tax code was really an invention of Kennedy in some regard. Everyone paid something and the rates were high...but targeted with lots of breaks that you could get if you managed to figure out how.
Tracy: thanks for the lesson in taxation. It so happens that I spent an entire year of my life debating income taxes, so I already know all that. Anyway, are you betting against me? ;oD
Didn't mean it to be a lesson...I hardly have anything to teach you...just adding to the conversation....now as to the bet...
...I'm thinking the lowest marginal rate will stay put in terms of percent...so I'd say that I am betting against you though not very boldly.
I was just teasing you. It wasn't really a lesson or anything. And you may be right about the brackets. My husband thinks the lowest one won't change either. I guess it's a wait and see.
Also, studying income taxes for a year is very, very dull.
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