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Are You Ready For Some Obama Taxes? Part I

August 8, 2010

Expiration of 2001 and 2003 Tax Relief

In 2001 and 2003, the GOP Congress enacted several tax cuts for
investors, small business owners, and families.
These will all expire on January 1, 2011:

Personal income tax rates will rise.  The top
income tax rate will rise from 35 to 39.6 percent (this is also the rate
at which two-thirds of small business profits are taxed).  The
lowest rate will rise from 10 to 15 percent.  All the rates in
between will also rise.  Itemized deductions and personal exemptions
will again phase out, which has the same mathematical effect as higher
marginal tax rates.  The full list of marginal rate hikes is below:

– The 10% bracket rises to an expanded 15%

– The 25% bracket rises to 28%

– The 28% bracket rises to 31%

– The 33% bracket rises to 36%

– The 35% bracket rises to 39.6%

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