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Obama’s Proposed 2013 Budget and the Taxpayer

By Todd Kockelman, Stillwatergazette.com

The wealthiest taxpayers could be hit hard if the tax hikes in President Obama’s 2013 federal budget proposal become law. The good news is that the tax changes outlined by the president in mid-February might be softened by eventual bipartisan compromise. As currently proposed, they would impact the wealthiest Americans on several fronts.

The Bush-era tax cuts could expire for the rich. As envisioned, the top tax rate would reset to 39.6 percent for individuals earning more than $200,000 a year and couples earning more than $250,000 a year. The EGTRRA/JGTRRA cuts would be extended for the vast majority of taxpayers.

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