Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

12/6/2012 (2 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 (2 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'


Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for July 2015
Universal:
That political responsibility may be lived at all levels as a high form of charity.
Evangelization: That, amid social inequalities, Latin American Christians may bear witness to love for the poor and contribute to a more fraternal society.



Comments


More Politics & Policy

California lawmakers run to the aid of communities suffering the worst in drought Watch

Image of The new legislation focuses on obtaining federal funding to get costly water projects off the ground. Feinstein and Boxer's bill pinpoints 26 promising desalination projects in California.

By Catholic Online (NEWS CONSORTIUM)

As the record-breaking California drought stretches into its fifth year, lawmakers are passing legislation intended to help the communities hardest hit by water shortages. California Senators Dianne Feinstein and Barbara Boxer have both introduced emergency drought ... continue reading


Why two religious Republican presidential candidates weren't invited to a major Christian event Watch

Image of The reason is not as controversial as many speculated.

By Talia Ramos (NEWS CONSORTIUM)

Some were left puzzled as to why two Southern Baptist presidential candidates from the GOP were left out of a major Christian event; the reason was not as bad as some speculated. According to the official statement from the organizers of the event, the two candidates ... continue reading


Judge threatens to hold IRS chief John Koskinen in contempt for failing to turn over Lerner emails Watch

Image of IRS Commissioner John Koskinen was threatened with contempt charges by a federal judge this week.

By Catholic Online (NEWS CONSORTIUM)

IRS Commissioner John Koskinen was threatened with contempt charges by a federal judge this week. Koskinen failed to produce, by decree, newly recovered emails of former IRS official Lois Lerner. U.S. District Court Judge Emmet Sullivan had ordered the IRS at ... continue reading


Mitch McConnell says he will wipe out Obamacare with simple 51-vote majority Watch

Image of In the waning days of President Barack Obama's presidency, Senate Majority Leader Mitch McConnell (R-Ky.) is vowing to overthrow his signature legislation.

By Catholic Online (NEWS CONSORTIUM)

In the waning days of President Barack Obama's presidency, Senate Majority Leader Mitch McConnell (R-Ky.) is vowing to overthrow his signature legislation. Health care reform, better known as "Obamacare" has been a cause of disagreement with conservatives and ... continue reading


Moves made to oust John Boehner from Speaker of the House position Watch

Image of Rep. Mark Meadows [not pictured] declared his intention a day before the House was set to leave town for its five-week summer recess. Described as a rare procedural move, it's by far the most serious expression of opposition to Boehner's [pictured] speakership.

By Catholic Online (NEWS CONSORTIUM)

Many of his fellow conservatives and Republicans were taken by surprise when North Carolina Rep. Mark Meadows said he was trying to oust Speaker John Boehner. Many say it's a bad idea, coming just before August recess. Others say such a move could plunge the House of ... continue reading


Ivana Trump hotly denies that ex-husband Donald Trump ever raped her Watch

Image of Ivana Trump, the former wife of GOP presidential candidate Donald Trump has denied claims that he ever raped her.

By Catholic Online (NEWS CONSORTIUM)

Ivana Trump, the former wife of GOP presidential candidate Donald Trump has denied claims that he ever raped her. "I have recently read some comments attributed to me from nearly 30 years ago at a time of very high tension during my divorce from Donald. The story is ... continue reading


HILLARY LIED! Inspector General says personal emails contained classified information Watch

Image of Only allowed to review a sample of 40 out of the total of 30,000 emails from Hillary Clinton's private email server, four of those emails contained classified information.

By Catholic Online (NEWS CONSORTIUM)

Hillary Clinton's personal email account "contained classified information when they were generated," "remain classified today" and "should never have been transmitted via an unclassified personal system." Those are the findings of the U.S. Intelligence ... continue reading


GLOVES ARE OFF: Donald Trump denounces Bush, Walker and Clinton as being beholden to donors Watch

Image of Speaking east of Des Moines, Donald Trump was most concise in his attack upon Walker. Criticizing the Wisconsin governor's handling of his state's economy, Trump accused him of

By Catholic Online (NEWS CONSORTIUM)

At a "free-wheeling" press conference, GOP Presidential candidate Donald Trump says he is putting no cap into the money he is going to pour into his campaign. A self-made billionaire in real estate, Trump denounced Republican candidates Jeb Bush and Scott ... continue reading


Nuns vs. Obama: Obama Administration refuses to exempt Little Sisters of the Poor from regulation forcing them to distribute birth control Watch

Image of

By Nikky Andres (NEWS CONSORTIUM)

The national debate over the Affordable Care Act is heating up. A Romantic Catholic group of nuns, who manage a nursing home around the world called the Little Sisters of the Poor, continue their fight against the law's debatable contraceptive mandate. MUNTINLUPA, ... continue reading


Millions upon Millions of United Kingdom aid money funneled to the Clintons Watch

Image of The Clinton Health Access Initiative spends its funds on improving the treatment of HIV/AIDS, malaria and tuberculosis in the developing world, such as in Africa and Southeast Asia.

By Catholic Online (NEWS CONSORTIUM)

Influential people, falling sway to a former United States president - and his wife, with eyes on the White House, it was learned that tens of millions of pounds of United Kingdom aid money has been siphoned through charities linked to Hillary Clinton. LOS ... continue reading


All Politics & Policy News

Newsletters

Newsletter Sign Up icon

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

Daily Readings

Reading 1, Leviticus 25:1, 8-17
1 Yahweh spoke to Moses on Mount Sinai and ... Read More

Psalm, Psalms 67:2-3, 5, 7-8
2 Then the earth will acknowledge your ways, and all ... Read More

Gospel, Matthew 14:1-12
1 At that time Herod the tetrarch heard about the ... Read More

Saint of the Day

Saint of the Day for August 1st, 2015 Image

St. Alphonsus Marie Liguori
August 1: Bishop, Doctor of the Church, and the founder of the ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter