Obama Tax Cuts and Health Plan Cost

Click on an option to compare: PROPOSED PLAN OPTION TWO OPTION THREE OPTION FOUR Obama/GOP plan COST TO GOV'T: $900 billio Obama's original plan COST TO GOV'T: $3 trillion Let all cuts expire COST TO GOV'T: No cost Extend all Bush cuts COST TO GOV'T: $3.9 trillion President Obama agreed to extend all the Bush tax cuts and provide a more generous estate tax in exchange for a continuation of refundable tax credits, a 13-month extension of unemployment benefits and temporary reduction in payroll taxes. The two-year plan would cost an estimated $900 billion. Current tax rate New tax rate Average tax change per taxpayer 40% | -$19,896 TOP EARNERS $2,727,123+ 30% -%$6,062 $599,181+ $111,659+ -$2,511 20% $65,656-$111,659 $37,493-$65,656 -$1,341 PERCENTILE GROUPS -$808 10%$19,356-$37,493 -$539 $0-$19,356 -$310 Top income rates Exemptions and Capital gains and Lowiniddle Roll over for details deductions dividends income provisions, AMT INCOME GROUPS |and estate tax |Top 20% | Top Middle 20% Middle 20% Top 0.1% Top 1% HIGH IICOME PROVISIOIS PROVISIOIS EXTENDED UNDER OBAMA'S BUDGET Bottom Middle 20% I Bottom 20% NOTE: Income levels represent cash income. The 20% income percentile groups contain an equal number of people, not tax units. The tax cuts that President Obama is proposing to extend for families earning less than $250,000 also apply to individuals earning less than $200,000. SOURCE: Tax Policy Center, Joint Committee on Taxation, Office of Management and Budget | GRAPHIC: Wilson Andrews and Alicia Parlapiano / The Washington Post. Updated Dec. 8, 2010. © 2010 The Washington Post Company Click on an option to compare: PROPOSED PLAN OPTION TWO OPTION THREE OPTION FOUR Obama/GOP plan COST TO GOV'T: $900 billio Obama's original plan COST TO GOV'T: $3 trillion Let all cuts expire COST TO GOV'T: No cost Extend all Bush cuts COST TO GOV'T: $3.9 trillion President Obama agreed to extend all the Bush tax cuts and provide a more generous estate tax in exchange for a continuation of refundable tax credits, a 13-month extension of unemployment benefits and temporary reduction in payroll taxes. The two-year plan would cost an estimated $900 billion. Current tax rate New tax rate Average tax change per taxpayer 40% | -$19,896 TOP EARNERS $2,727,123+ 30% -$6,062 $599,181+ $111,659+ -$2,511 20% $65,656-$111,659 $37,493-$65,656 -$1,341 PERCENTILE GROUPS -$808 10%$19,356-$37,493 - $539 $0-$19,356 0% -$310 Top income rates Exemptions and Capital gains and Lowiniddle Roll over for details deductions dividends income provisions, AMT INCOME GROUPS |and estate tax |Top 20% | Top Middle 20% Middle 20% Top 0.1% Top 1% HIGH IICOME PROVISIOIS PROVISIOIS EXTENDED UNDER OBAMA'S BUDGET Bottom Middle 20% I Bottom 20% NOTE: Income levels represent cash income. The 20% income percentile groups contain an equal number of people, not tax units. The tax cuts that President Obama is proposing to extend for families earning less than $250,000 also apply to individuals earning less than $200,000. SOURCE: Tax Policy Center, Joint Committee on Taxation, Office of Management and Budget | GRAPHIC: Wilson Andrews and Alicia Parlapiano / The Washington Post. Updated Dec. 8, 2010. © 2010 The Washington Post Company Click on an option to compare: PROPOSED PLAN OPTION TWO OPTION THREE OPTION FOUR Obama/GOP plan COST TO GOV'T: $900 billio Obama's original plan COST TO GOV'T: $3 trillion Let all cuts expire COST TO GOV'T: No cost Extend all Bush cuts COST TO GOV'T: $3.9 trillion President Obama agreed to extend all the Bush tax cuts and provide a more generous estate tax in exchange for a continuation of refundable tax credits, a 13-month extension of unemployment benefits and temporary reduction in payroll taxes. The two-year plan would cost an estimated $900 billion. Current tax rate New tax rate Average tax change per taxpayer 40% | -$19,896 TOP EARNERS $2,727,123+ 30% -$6,062 $599,181+ $111,659+ -$2,511 20% $65,656-$111,659 $37,493-$65,656 -$1,341 PERCENTILE GROUPS -$808 10%$19,356-$37,493 - $539 $0-$19,356 0% -$310 Top income rates Exemptions and Capital gains and Lowiniddle Roll over for details deductions dividends income provisions, AMT INCOME GROUPS |and estate tax |Top 20% | Top Middle 20% Middle 20% Top 0.1% Top 1% HIGH IICOME PROVISIOIS PROVISIOIS EXTENDED UNDER OBAMA'S BUDGET Bottom Middle 20% I Bottom 20% NOTE: Income levels represent cash income. The 20% income percentile groups contain an equal number of people, not tax units. The tax cuts that President Obama is proposing to extend for families earning less than $250,000 also apply to individuals earning less than $200,000. SOURCE: Tax Policy Center, Joint Committee on Taxation, Office of Management and Budget | GRAPHIC: Wilson Andrews and Alicia Parlapiano / The Washington Post. Updated Dec. 8, 2010. © 2010 The Washington Post Company Click on an option to compare: PROPOSED PLAN OPTION TWO OPTION THREE OPTION FOUR Obama/GOP plan COST TO GOV'T: $900 billio Obama's original plan COST TO GOV'T: $3 trillion Let all cuts expire COST TO GOV'T: No cost Extend all Bush cuts COST TO GOV'T: $3.9 trillion President Obama agreed to extend all the Bush tax cuts and provide a more generous estate tax in exchange for a continuation of refundable tax credits, a 13-month extension of unemployment benefits and temporary reduction in payroll taxes. The two-year plan would cost an estimated $900 billion. Current tax rate New tax rate Average tax change per taxpayer 40% | -$19,896 TOP EARNERS $2,727,123+ 30% -$6,062 $599,181+ $111,659+ -$2,511 20% $65,656-$111,659 $37,493-$65,656 -$1,341 PERCENTILE GROUPS -$808 10%$19,356-$37,493 - $539 $0-$19,356 0% -$310 Top income rates Exemptions and Capital gains and Lowiniddle Roll over for details deductions dividends income provisions, AMT INCOME GROUPS |and estate tax |Top 20% | Top Middle 20% Middle 20% Top 0.1% Top 1% HIGH IICOME PROVISIOIS PROVISIOIS EXTENDED UNDER OBAMA'S BUDGET Bottom Middle 20% I Bottom 20% NOTE: Income levels represent cash income. The 20% income percentile groups contain an equal number of people, not tax units. The tax cuts that President Obama is proposing to extend for families earning less than $250,000 also apply to individuals earning less than $200,000. SOURCE: Tax Policy Center, Joint Committee on Taxation, Office of Management and Budget | GRAPHIC: Wilson Andrews and Alicia Parlapiano / The Washington Post. Updated Dec. 8, 2010. © 2010 The Washington Post Company Click on an option to compare: PROPOSED PLAN OPTION TWO OPTION THREE OPTION FOUR Obama/GOP plan COST TO GOV'T: $900 billio Obama's original plan COST TO GOV'T: $3 trillion Let all cuts expire COST TO GOV'T: No cost Extend all Bush cuts COST TO GOV'T: $3.9 trillion President Obama agreed to extend all the Bush tax cuts and provide a more generous estate tax in exchange for a continuation of refundable tax credits, a 13-month extension of unemployment benefits and temporary reduction in payroll taxes. The two-year plan would cost an estimated $900 billion. Current tax rate New tax rate Average tax change per taxpayer 40% | -$19,896 TOP EARNERS $2,727,123+ 30% -$6,062 $599,181+ $111,659+ -$2,511 20% $65,656-$111,659 $37,493-$65,656 -$1,341 PERCENTILE GROUPS -$808 10%$19,356-$37,493 - $539 $0-$19,356 0% -$310 Top income rates Exemptions and Capital gains and Lowiniddle Roll over for details deductions dividends income provisions, AMT INCOME GROUPS |and estate tax |Top 20% | Top Middle 20% Middle 20% Top 0.1% Top 1% HIGH IICOME PROVISIOIS PROVISIOIS EXTENDED UNDER OBAMA'S BUDGET Bottom Middle 20% I Bottom 20% NOTE: Income levels represent cash income. The 20% income percentile groups contain an equal number of people, not tax units. The tax cuts that President Obama is proposing to extend for families earning less than $250,000 also apply to individuals earning less than $200,000. SOURCE: Tax Policy Center, Joint Committee on Taxation, Office of Management and Budget | GRAPHIC: Wilson Andrews and Alicia Parlapiano / The Washington Post. Updated Dec. 8, 2010. © 2010 The Washington Post Company Click on an option to compare: PROPOSED PLAN OPTION TWO OPTION THREE OPTION FOUR Obama/GOP plan COST TO GOV'T: $900 billio Obama's original plan COST TO GOV'T: $3 trillion Let all cuts expire COST TO GOV'T: No cost Extend all Bush cuts COST TO GOV'T: $3.9 trillion President Obama agreed to extend all the Bush tax cuts and provide a more generous estate tax in exchange for a continuation of refundable tax credits, a 13-month extension of unemployment benefits and temporary reduction in payroll taxes. The two-year plan would cost an estimated $900 billion. Current tax rate New tax rate Average tax change per taxpayer 40% | -$19,896 TOP EARNERS $2,727,123+ 30% -$6,062 $599,181+ $111,659+ -$2,511 20% $65,656-$111,659 $37,493-$65,656 -$1,341 PERCENTILE GROUPS -$808 10%$19,356-$37,493 - $539 $0-$19,356 0% -$310 Top income rates Exemptions and Capital gains and Lowiniddle Roll over for details deductions dividends income provisions, AMT INCOME GROUPS |and estate tax |Top 20% | Top Middle 20% Middle 20% Top 0.1% Top 1% HIGH IICOME PROVISIOIS PROVISIOIS EXTENDED UNDER OBAMA'S BUDGET Bottom Middle 20% I Bottom 20% NOTE: Income levels represent cash income. The 20% income percentile groups contain an equal number of people, not tax units. The tax cuts that President Obama is proposing to extend for families earning less than $250,000 also apply to individuals earning less than $200,000. SOURCE: Tax Policy Center, Joint Committee on Taxation, Office of Management and Budget | GRAPHIC: Wilson Andrews and Alicia Parlapiano / The Washington Post. Updated Dec. 8, 2010. © 2010 The Washington Post Company