Bush Tax cuts, Marriage penalties, Death Taxes, Lame Duck Congress

The Democrat’s Demolition Derby

By Alan Caruba
Wednesday, October 6, 2010

It is incomprehensible that the Democrats who control the House and the Senate adjourned without extending the Bush tax cuts. If they had extended them by even a year, businesses large and small across the nation would have been able to make plans for 2011.

The only thing we know for sure as Election Day approaches is that, absent an extension of the lowered rates on personal income, capital gains, dividends, and estate taxes, on January 1st everyone will see their taxes go UP!

Here’s how it works out:

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%

Taxes will increase on marriage and family. The “marriage penaltyâ€