Thursday, July 08, 2010

Review of the scheduled tax increases

Earlier I mentioned that the outlook for any tax reform this year is very cloudy.  Here, via Yahoo and SmartMoney, is a list of the tax increases for 2011 that are already on the books, increases that will hit almost all taxpayers.

Ironically, I believe that these changes will reduce the progressivity of the income tax if they are allowed to take effect.  Yes, there will be higher top rates, but the return of marriage penalties mean that more actual revenue will be coming from the middle class.

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