Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

12/6/2012 (1 year 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 (1 year 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'


2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for October 2014
Peace:
That the Lord may grant peace to those parts of the world most battered by war and violence.
World Mission Day: That World Mission Day may rekindle in every believer zeal for carrying the Gospel into all the world.



Comments


More Politics & Policy

So this is how they win? Democrats caught red handed in Illinois voter fraud! Watch

Image of President Obama casting his early vote in Illinois for the 2014 midterm.

By Catholic Online (NEWS CONSORTIUM)

The city well known for its leftist-leaning voter corruption is at it again, after a Republican candidate found that all his votes were being handed to Democrats. LOS ANGELES, CA (Catholic Online) - Jim Moynihan, a Republican state representative candidate, ... continue reading


Blank 'green Obamacards' - up to 34 MILLION - issued prior to promised amnesty Watch

Image of Obama's high numbers of illegal immigration

By Catholic Online (NEWS CONSORTIUM)

Thirty-four million blank work permits and "green cards," which authorizes illegal immigrants to live and work in the United States are currently in the works. In the meantime, the White House prepares to issue an executive order after the November 4 midterm ... continue reading


North Carolina's Tillis stumbles during televised debate Watch

Image of While Thom Tillis has a dominant lead among whites (50 percent to Kay Hagan's 37), he is getting trounced among black voters: just seven percent are in his camp, compared with 83 percent for Hagan.

By Catholic Online (NEWS CONSORTIUM)

Congressional candidate State Legislature Speaker Thom Tillis stumbled badly during a televised debate with his Democratic rival Senator Kay Hagen earlier this month. During the televised debate on October 7, Tillis appeared at a loss for words when it came to ... continue reading


Houston: First Amendment Does not apply to Christian ministers? Interview with Keith Fournier Watch

Image of As at the tower of Babel, the confusion spreads until no progress is possible.

By Catholic Online (NEWS CONSORTIUM)

Houston officials fired a shot across the bow of Christian ministers, pastors and priests who they think may be encouraging their congregations to oppose the city's controversial "bathroom bill." The request is chilling and violates the First Amendment, but it also ... continue reading


New York law strips 34,500 law-abiding citizens of their lawful right to bear arms with ZERO due process Watch

Image of A New York law could be too restrictive and features virtually no due process.

By Catholic Online (NEWS CONSORTIUM)

A New York law may be infringing on the rights of many Americans and undermining mental health efforts in that state. The law, known as the Safe Act, requires, as part of its implementation, for mental health professionals to report the names of any people who could be ... continue reading


Why build a school when you can buy a senator! North Carolina race tops $100 million

Image of America is no longer for sale, it has already been bought.

By Catholic Online (NEWS CONSORTIUM)

The nation's most expensive Senate race in history is topping $100 million as the entire nation looks to a critical election in North Carolina. The money poured into the race reveals that elections are coming down to money and outside influencers have substantial ... continue reading


167,000 convicted criminal immigrants walk free within the United States Watch

Image of Deportations from the interior of the United States declined 34 percent this year from last.

By Catholic Online (NEWS CONSORTIUM)

With both Islamic State and Ebola posing an imminent threat to the United States through people entering the country illegally, it's distressing to note just how lax the nation's deportation laws have become. According to Breitbart, there remain nearly 167,000 ... continue reading


Obama is advancing 'brutal program' of forced abortions in China, lawmaker says Watch

Image of

By Catholic Online (NEWS CONSORTIUM)

President Barack Obama and his administration are not only ignoring China's totalitarian edict of "one family, one child" policy but are advancing the "brutal program." That's the words of Representative Chris Smith (R-N.J., who) spoke at the Heritage ... continue reading


Four Kurdish terrorists slipped across Obama's open Mexican border, Homeland Security chief admits Watch

Image of Four members the Kurdistan Workers' Party, known as the PKK, were arrested in September trying to enter the United States illegally from Mexico.

By Catholic Online (NEWS CONSORTIUM)

The bad news: Four known Kurdish terrorists crossed into the United States. This has been confirmed by Department of Homeland Security Jeh Johnson. The good news: Johnson says that the four were not affiliated with Islamic States. Which is good news, of a sort. ... continue reading


Evangelical tells faithful not to vote for politicians who support homosexual marriage, abortion Watch

Image of An outspoken evangelical, Pastor Jim Garlow played a major role in organizing Christian groups in support of California's anti-gay marriage Proposition 8.

By Catholic Online (NEWS CONSORTIUM)

Pastor Jim Garlow of Skyline Church in California stood before his congregation of more than 2,000 and warned his audience against voting for a candidate in who supports gay marriage and abortion. This includes candidates who are republican, including Carl ... 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, Ephesians 3:14-21
14 This, then, is what I pray, kneeling before the ... Read More

Psalm, Psalms 33:1-2, 4-5, 11-12, 18-19
1 Shout for joy, you upright; praise comes well from ... Read More

Gospel, Luke 12:49-53
49 'I have come to bring fire to the earth, and how I ... Read More

Saint of the Day

Saint of the Day for October 23rd, 2014 Image

St. John of Capistrano
October 23: St. John was born at Capistrano, Italy in 1385, the son of a ... 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