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T09-0306 - Administration's FY2010 Budget Proposals Individual Income Tax Measures Affecting High Income Taxpayers Against Administration Baseline Distribution of Federal Tax Change by Cash Income Level, 2012

2012 Distribution tables by cash income level of components of the administration?s budget proposal which would repeal individual income tax cuts for high income taxpayers. This includes reinstating the 36 percent and 39.6 percent rates; reinstating the personal exemption phaseout and limitation on itemized deductions for those taxpayers with AGI over $250,000 (married) and $200,000 (single); and imposing a 20 percent rate on capital gains and dividends for those taxpayers with AGI over $250,000 (married) and $200,000 (single). Run against an Administration baseline which extends the 2009 AMT patch and indexes the AMT exemption, rate bracket threshold, and phaseout exemption threshold for inflation; makes the 2001 and 2003 individual income tax cuts permanent and makes 2009 estate tax law permanent.

May 31, 2009