If I make $375,000 how much tax would I pay under the Obama tax plan versus the Bush tax cuts for the wealthy?

It is impossible to give a definitive answer. Is the $375k after deductions or before? Is the $375k a salary or mostly capital gains?

Once you have your taxable income it is easy to look up on a table if it is all salary. You would pay slightly more under the Obama tax plan. I am going to say that most people who make $375k probably have some profits from stocks and they would pay a reduced amount on capital gains.

Let's say you have $375k after deductions but $300k comes from capital gains. Now you really have about $225k of taxable income. You can look that up in the tax tables. Under the Obama plan you would probably pay slightly less since it increases tax above $250k and decreases tax below $250k on the tax tables. Since your tax would fall below $225k on the tax tables you could expect a slight decrease in taxes.

So, you need to talk in taxable income. Someone making $1M could have less than $500k taxable. They could have far less than that if they are invested in offshore American compnaies.That's why Warren Buffet said his secretary pays a higher tax rate then he does.

If the Bush tax cuts expire for the upper income people like you, you will pay the same rate on income up to $250K then 3.8% more on the rest of it, which is a return to the Clinton 1999 tax rate.

Obama will decrease taxes on the midsection and decrease type. he will go away them particularly an identical for the better midsection type. (He alluded to this final evening whilst he mentioned 200k to 250k will see their taxes stay an identical, collectively as below 200k will certainly drop.) the better type will see a upward thrust yet only because of the repeal of the Bush tax cuts. because of the fact of this he states their taxes is honestly no extra advantageous than they have been interior the ninety's (earlier the bush tax cuts). it is precisely in step with the above synopsis you quoted. there is not any discrepancy. it is in basic terms you attempting to parse words. His finished plan is unquestionably favourite and special.

You would still get the tax cut on the first $250000. The next $125000 would be taxed at the higher rate.

I dont know about the new tax plan increase; but if the Bush tax cuts expire it will be an additional 4%.

I don't know the total tax because I don't have all the tax tables in front me, but the additional tax would $7,875.

That's it.

If you're making $375,000 (as I have), you can afford it.

"Kathmandu" is FOS.

Whatever , it's not going to make people suddenly like Obama , people basically can't trust him .

The question has been asked at least 4 times this week ( your all obviously watching MSNBC ) and the answer your all looking for is $ 0 ........ who cares , most people aren't accountants and don't watch MSNBC .

If the tax cuts are not reinstated, you pay something like 50K more than you paid last year.

Google it and you will find out.

None at all if you moved to an igloo in the Arctic where no one could find you.

if if if if if

do you have a job at all, to start with?

i am quite sure you dont earn that much, so stop sobbing for the rich and juggling with imaginary situations.