re: #348 darthstar

It’s a roll-back to previous levels, not an “increase”…

A roll back to the levels prior to the enactment of EGTRRA and JGTRRA will result in a tax hike for nearly all Americans. You’re just rolling with the semantics.

EGTRRA generally reduced the rates of individual income taxes:

* a new 10% bracket was created for single filers with taxable income up to $6,000, joint filers up to $12,000, and heads of households up to $10,000.
* the 15% bracket’s lower threshold was indexed to the new 10% bracket
* the 28% bracket would be lowered to 25% by 2006.
* the 31% bracket would be lowered to 28% by 2006
* the 36% bracket would be lowered to 33% by 2006
* the 39.6% bracket would be lowered to 35% by 2006

The tax rates that most Americans have been enjoying since the enactment of the Bush tax cuts will end 13/31/2010 unless Congress votes to extend/amend. That means that the tax rates that these people will see in tax year 2011 will be substantially higher. To them, it will be a tax hike. It certainly will feel like a tax hike when your current rate increases anywhere from 10-30% or more not to mention reinstituting the marriage penalties that force married filing together pay more than those filing singly.