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Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1672
Experience:  Enrolled to Represent Taxpayers Before The IRS
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How will Obamas Tax Plan affect a family of four with Gross

Resolved Question:

How will Obama's Tax Plan affect a family of four with Gross Income of $200K?
Submitted: 8 years ago.
Category: Tax
Expert:  Marvin,EA replied 8 years ago.
Hello and thank you for using Just Answer. Obama tax plan have taxpayer making over $200,000 to pay a extra 3% federal income tax. The 3% is for taxable income over $200,000. If your are a family of four with gross income of $200,000 you taxes will not increase on amount you make over $200,000.
Customer: replied 8 years ago.

Not enough info. And grammar needs work Embarassed

Expert:  Marvin,EA replied 8 years ago.
Obama's tax plan will have the top tax rate of 35% go back to the top rate under President Clinton which was 38% for taxable income over $200,000. The top tax rate is now 35% for taxable income over $200,000. Obama want the top rate to increase to 38%. Obama have also propose a $1,000 tax credit for taxpayers making under $200,000. Obama's tax plan must be approve by congress and the senate. Taxable income is income less deductions.
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