Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

12/6/2012 (3 years ago)

Catholic Online (www.catholic.org)

Bush-era rates set to expire with coming New Year

High-income Californians would pay the nation's highest marginal income tax rates with the passage of Proposition 30 last month. If President Barack Obama and Congress fail to make a deal to avoid the so-called "fiscal cliff," the Bush era tax cuts on high-income taxpayers would expire with the arrival of 2013. Rates will revert to their previous levels.

High-income Californians would pay the nation's highest marginal income tax rates with the passage of Proposition 30 last month.

High-income Californians would pay the nation's highest marginal income tax rates with the passage of Proposition 30 last month.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

12/6/2012 (3 years ago)

Published in Politics & Policy

Keywords: Wealthy, California, Bush-era tax cut, tax breaks, Obama


LOS ANGELES, CA (Catholic Online) - Economics professor at Lynchburg College Gerald Prante in Virginia and Austin John, a Lynchburg economics student using calculated marginal tax rates, the highest rates on the highest levels of income -- for all 50 states. Both combined state, federal and where applicable, local income taxes, in addition to payroll taxes for Social Security and Medicare and included the deductibility of some taxes.

The scholars noted that Proposition 30 added three percentage points to the marginal state income tax rate for California's highest-income taxpayers, which brought it to 13.3 percent, raising California over other high-tax jurisdictions to a marginal rate of 51.9 percent, slightly higher than New York City's level.

Hawaii was the only other place with a calculated rate above 50 percent.

Lawmakers are currently engaged in a battle over how to solve the "fiscal cliff" issue by the end of 2012. If nothing is done, a series of tax cuts expire for all Americans and taxes will go up. Republicans favor a continuation of the tax cuts for everyone, including the wealthy. President Obama and Democrats have thrown their support behind continuing the tax cuts for individuals who make $200,000 or less and couples who make $250,000 or less, but they oppose continuing the cuts for wealthier Americans.
 
Republicans also want to cut more spending than Obama. The poll indicates that Americans are reluctant to cut Social Security, Medicare and defense spending, which may lend some weight to Democrats' arguments against major cuts. However, a recent poll also found that more Americans favor cutting government services to reduce deficits than raising taxes, a Republican-held view that the GOP may be able to use in their favor as both parties try to reach an agreement on how to avoid "going over the cliff."

---


Pope Francis: end world hunger through 'Prayer and Action'


Copyright 2015 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for February 2016
Universal:
That prisoners, especially the young, may be able to rebuild lives of dignity.
Evangelization: That married people who are separated may find welcome and support in the Christian community.



Comments


More Politics & Policy

'Faith is the great cure for fear': Obama speaks at annual National Prayer Breakfast in WA Watch

Image of At the annual National Prayer Breakfast, Obama spoke against Muslim stereotypes and hatred (AP).

By Kenya Sinclair (CALIFORNIA NETWORK)

During the annual National Prayer Breakfast in Washington, President Barack Obama spoke of God, fear and love. LOS ANGELES, CA (Catholic Online) - At the breakfast, both Democrats and republicans set aside their differences to build relationships based on their ... continue reading


After Iowa fail, Donald Trump vows to 'beat the ____ out of ISIS' Watch

Image of Many noted that Donald Trump seemed unusually subdued in New Hampshire. He claimed that he remained optimistic after his second place finish in the Iowa primary. Photo courtesy of Reuters.

By Catholic Online (CALIFORNIA NETWORK)

While he faced defeat in the Iowa caucuses, GOP presidential candidate Donald Trump was full of his usual bluster in New Hampshire. Never one to mince words, he vowed to "beat the ___ out of ISIS" if he was elected president. LOS ANGELS, CA (Catholic Online) - ... continue reading


'Ted Cruz didn't win Iowa, he stole it': Trump furiously rants on Twitter about Cruz's win demanding a new Iowa 'election' Watch

Image of Donald Trump calls for a new election or to nullify Cruz's results (Reuters).

By Thomas Heed (CALIFORNIA NETWORK)

When news of the Cruz campaign "mistake" concerning Ben Carson at the Iowa caucus reached Donald Trump, he was furious. The business tycoon took to Twitter to call for a new election or to nullify Cruz's results. LOS ANGELES, CA (Catholic Online) - Despite his initial ... continue reading


Republican Candidate Drops Out of Presidential Race: But who was it? Watch

Image of

By Abigail James (CALIFORNIA NETWORK)

Following a disappointing show in the Iowa caucus, with only 4.5 percent of the votes, Kentucky Senator Rand Paul has officially dropped out of the 2016 presidential race. LOS ANGELES, CA (Catholic Online) - "It's been an incredible honor to run a principled campaign ... continue reading


Political sabotage: Ted Cruz pleads GUILTY to wronging Ben Carson at Iowa caucus Watch

Image of Ted Cruz admitted his campaign started the lie that Ben Carson was dropping out of the race prior to the Iowa caucus (NY Times).

By Thomas Heed (CALIFORNIA NETWORK)

In a shocking admission, Ted Cruz admits his staff spread rumors of Ben Carson dropping out of the runnings just before the Iowa caucus voting began. LOS ANGELES, CA (Catholic Online) - As previously reported, the Iowa caucus was filled with surprises that included ... continue reading


A Night of Surprises: What went down during the Iowa caucuses? Watch

Image of Iowa caucus surprises with historical neck-and-neck race and Trump in second place.

By Thomas Heed (CALIFORNIA NETWORK)

The Iowa caucus results are in after a high-energy night fueled by rumors of foul-play, coin tosses and the waning smile of a smug Trump. LOS ANGELES, CA (Catholic Online) - Before the Iowa caucus, polls showed presidential hopeful Donald Trump as the leading ... continue reading


Trump leading in polls as he thanks Iowa's evangelicals Watch

Image of Donald Trump has cut Sen. Ted Cruz's advantage with evangelicals, according to a CBS News poll. (Jim Young, Reuters)

By Catholic Online (CALIFORNIA NETWORK)

As the Iowa caucuses heat up, executive Donald Trump has shown a strong lead over Ted Cruz in recent opinion polls. Trump took time to thank evangelical Christians for their support. In the meantime, Hillary Clinton maintains a thin lead over Bernie Sanders in ... continue reading


Whoa! Secret Microsoft algorithm predicts wins for Clinton, Trump in Iowa and beyond Watch

Image of Computerized predictions are big business, both at the sports book and in politics.

By Marshall Connolly, Catholic Online (CALIFORNIA NETWORK)

Hillary Clinton and Donald Trump are predicted to win tonight's Iowa caucuses according to a sophisticated algorithm used by Microsoft's Bing search engine to predict outcomes. The search engine has an excellent record. LOS ANGELES, CA (California Network) - Microsoft ... continue reading


FBI 'Guilty' of unlawfully refused Freedom of Information Act Watch

Image of U.S. district judge Randolph D. Moss ruled in favor of MIT PhD student Ryan Shapiro. Judge Moss found that the FBI's present policy is

By Catholic Online (CALIFORNIA NETWORK)

A judge in a Washington, DC courtroom ruled in favor of a PhD student at MIT and found that the FBI unlawfully, obscured, and refused to requests. The bureau was found guilty of not complying with the Freedom of Information Act, or FOIA. LOS ANGELES, CA ... continue reading


Trump dumps Fox News and becomes the 'elephant not in the room': But who really won the 7th Republican debate? Watch

Image of

By Abigail James (CALIFORNIA NETWORK)

With Donald Trump missing from the seventh Republican debate, days ahead of the vital Iowa caucus, many were left wondering: who won the debate? Did Trump actually win by not attending or did another candidate behind him in the polls rise to the occasion, without the ... continue reading


All Politics & Policy News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Subscribe to Catholic OnlineYouTube Channel

the FEED
by Catholic Online

Daily Readings

Reading 1, Sirach 47:2-11
2 As the fat is set apart from the communion sacrifice, so was David ... Read More

Psalm, Psalms 18:31, 47, 50, 51
47 the God who gives me vengeance, and subjects whole peoples to ... Read More

Gospel, Mark 6:14-29
14 King Herod had heard about him, since by now his name was well known. ... Read More

Saint of the Day

Saint of the Day for February 5th, 2016 Image

St. Agatha
February 5: Although we have evidence that Agatha was ... Read More