Now let?s talk about the Obama administration?s budget proposal. Most of the talk centers around the raw spending; $3.55 trillion, with a deficit of $1.75 billion. But he has proposed several changes that, together, would raise nearly a trillion in new taxes over the next decade.
The Bush administration pegged the two top tax rates are 33% and 35%. However, those rates are scheduled to expire after 2010. This would raise the top rates to 36% and 39.6%. Obama?s budget proposes to let the top rates expire after 2010, for individuals making over $200,000 and families making over $250,000.
