Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 05-20-2011, 12:14 PM
Junior Member
 
Join Date: Jan 2009
Posts: 12
What is the Obama Commission on Tax Reform's current tax proposals as far as the individual tax rates are concerned?

Can anybody give us some light on "what the Obama Commission on Tax Reform on proposed individual income tax rate's under consideration?"

Thanks a lot!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 05-20-2011, 12:27 PM
Junior Member
 
Join Date: Feb 2010
Posts: 6
Well, at this stage, there is nothing concrete as far as any agreements being made on any tax rates. However, the following current 6 tax bracket rate tier system would be simplified into 3 tax rate brackets, and word is that the commission is proposing 12%, 22% and 28%.

Along with these proposals, it appears that the personal exemption and itemized deductions phaseouts would be repealed for the high taxpayers. That is the good news for high income taxpayers, but some itemized deductions would be eliminated completely! There is considerable debate on eliminating the mortgage interest deduction, but there is fierce opposition on this item, so other deductions would have to be considered for elimination.

The sacred cow of Earned Income Tax Credit and Child Care Credit would be maintained it would seem in order to garner support from the Democratic Lobby whilst the GOP lobby would need to appeased by lowering the highest tax rate and simplifying the tax code into fewer tax brackets.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Should I be concerned about the tax rate increases if my AGI is around $140,000? ebenda Income 0 11-01-2010 05:50 PM
What is ยง7216 and why should Tax Prepares be concerned about it now? TaxGuru CPA Forums 0 10-13-2010 10:07 AM
Tax on payment collection or only on commission HASSAN Sole-Proprietorship 1 03-05-2009 02:19 PM
What is current standard deduction amount on an Hawaii Individual Return? TaxGuru Hawaii 0 10-12-2008 04:44 PM
reasonable compensation for commission-based business dylcamina08 S-Corporation 0 08-12-2008 02:45 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.