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Since there is pressure on congressional democrats to put an economic stimulus bill on Obama's desk ready for his signature as soon as he takes office, I started looking more closely at his campaign promises for tax cuts for the "middle class".
I can't believe his advisors would actually implement a tax plan that has a "cliff" provision for seniors at the $50,000 per year level. Surely, congress and the Obama advisors wouldn't do something so foolish..... Or would they?
I am really concerned about this possibility because it has impact to financial planning, especially for IRA distributions. Does anyone have any insight about how Obama's middle class tax relief plan will work for seniors? Are they constructing a plan that will create a 358,500% marginal tax rate for seniors at the $50,000 per year cutoff. That percentage would, of course, be much higher for singles and widows.
Well, the idea of no income tax for seniors with income less than $50,000 per year seems to have been more vapor than reality.
Now that the election is over, I can't find any reference to it in any plan from the house, the senate or the white house. Somehow, that doesn't come as a surprise to me.