Another day, another tax dollar
October 26, 2009
Could you be taxed at up to 95.2 percent of your income?
Federal income tax rates would have to be nearly tripled across the income spectrum for Congress to close the deficit in fiscal year 2010, according to a new report from the nonpartisan Tax Foundation.
Instead of taxing joint filers with rates ranging from 10 percent to 35 percent, the report found, tax rates would have to start at 27.2 percent and reach up to 95.2 percent. The Tax Foundation backs up its claims with data, charts, maps. The Tax Foundation has monitored fiscal policy at the federal, state and local levels since 1937.