Young Philly Politics - Bush Tax Cuts http://youngphillypolitics.com/?q=taxonomy/term/2916/0 en Few in PA Would Be Affected by Ending High-income Tax Cuts http://youngphillypolitics.com/?q=few_pa_would_be_affected_ending_highincome_tax_cuts <p><strong>By Sharon Ward, <a href="http://thirdandstate.org/2012/december/few-pa-would-be-affected-ending-high-income-tax-cuts">Third and State</a></strong></p> <p>The Pennsylvania Budget and Policy Center is out today with a <a href="http://pennbpc.org/most-pa-counties-few-would-be-affected-ending-high-income-tax-cuts" target="_blank">new analysis</a> finding that&nbsp;President Obama’s plan to end federal tax cuts for high-income earners would have very little impact on taxpayers in most Pennsylvania counties.</p> <p>In over half of the state's 67 counties, fewer than 1 in 100 residents (that's 1%) would pay the higher marginal tax rate on income above $200,000 for individuals and $250,000 for married couples.</p> <p>In most counties, only a small number of individuals are affected. In 24 counties, fewer than 200 high-income earners would pay the higher rate. Almost two-thirds of the top earners who would be impacted reside in just six Pennsylvania counties.</p> <p><a title="Click to enlarge" href="http://pennbpc.org/sites/pennbpc.org/files/Map1_PercentageTaxpayersbyCounty.jpg"><strong><img src="http://pennbpc.org/sites/pennbpc.org/files/Map1_PercentageTaxpayersbyCounty.jpg" alt="Map 1. Percentage of Taxpayers in Each PA County with Incomes Over $250,000" width="500" /></strong></a></p> <p><a title="Click to enlarge" href="http://pennbpc.org/sites/pennbpc.org/files/Map2_NumberTaxpayersbyCounty.jpg"><strong><img src="http://pennbpc.org/sites/pennbpc.org/files/Map2_NumberTaxpayersbyCounty.jpg" alt="Map 2. Number of Taxpayers in Each PA County with Incomes Over $250,000" width="500" /></strong></a></p> <p>Under President Obama’s plan, families earning over $250,000 would keep other tax breaks on the first $250,000 of income, including a lower bottom tax rate and preferential tax rates on capital gains and dividends — a savings of $12,112 per taxpayer. The top tax rates would be restored to those in effect in the 1990s when the nation added 23 million jobs.</p> <p><a href="http://youngphillypolitics.com/?q=few_pa_would_be_affected_ending_highincome_tax_cuts">read more</a></p> http://youngphillypolitics.com/?q=few_pa_would_be_affected_ending_highincome_tax_cuts#comments Bush Tax Cuts Federal Budget fiscal cliff Pennsylvania http://youngphillypolitics.com/?q=crss/node/8558 Fri, 21 Dec 2012 15:04:24 +0000 Thirdandstate.org 8558 at http://youngphillypolitics.com