Don’t Tax Me, Don’t tax thee, Tax the man behind the tree

We obviously can’t know how Congress is going to end up dealing with the budget; however, the President has proposed a number of tax increases beginning in 2013. USA Today reported that according to the Tax Policy Center the impact on upper-income taxpayers would look like this.

  % Change for 2013
Let Bush Tax Cuts Expire  
$200m – $500m 1.4%
$500m – $1 Million 8.7%
> $1 Million 14.2%
Limit itemized deductions to 28%  
$200m – $500m 0.4%
$500m – $1 Million 1.3%

> $1 Million 1.7%

Alternative title – “Ouch”

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