Wealthy taxpayers will bear the brunt of new tax increases now being considered in Congress.
From Richard Wolf, USA Today:
WASHINGTON — Three tax increases proposed by President Obama and House Democrats on the richest Americans could produce the highest tax rates in a quarter-century.
The latest is this week's proposal by House Ways and Means Committee Chairman Charles Rangel, D-N.Y., and others to impose a surtax of up to 5.4% on annual incomes of $350,000 or more to help pay for overhauling the health care system. About 500,000 taxpayers earning $1 million or more would pay the full surtax.
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