Posts with mood astonished (1)
The Republican's tax plan...whoa
Mood: astonished
Posted on 2011-04-05 21:04:00
Tags: taxes
Words: 108
I was listening on NPR about the plan and one detail made me do a double-take: they want to lower the top tax rate to 25%. (currently the rates are 10%, 15%, 25%, 28%, 33%, and 35%) Going from 35% to 25% sounded like a crazy reduction, especially for a plan that purports to balance the budget.
But, lo and behold, that number is correct. Currently, the 35% rate only goes into effect after the first $375K of taxable income.
Maaaaaybe, if you want to balance the budget but not privatize Medicare, you could not lower the top tax rate to the lowest it's been since the 1930's?
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