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PrintSeptember 14, 2010
Graph of the Day for September 14, 2010
"Unless Congress takes action and President Obama goes along, rates will go up for everyone -- not just a sliver of the wealthiest Americans. The current six rate brackets of 10%, 15%, 25%, 28%, 33% and 35% will be replaced by five new brackets with the higher rates of 15%, 28%, 31%, 36% and 39.6%." Bill Bischoff via Yahoo Finance.
Source: The Heritage Foundation.
Hoven's Index for September 14, 2010
Amount of income taxes collected at the 35% marginal rate in 2008: $218 billion
Extra collected if that had been taxed at 39.6% (assuming no change in taxpayer behavior): $28.6 B
Days of federal spending at the FY2009 rate ($3,518B/yr) funded by $28.6B: 3
Source: IRS and author's calculations.
Graph of the Day Archive.
