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Politics : John McCain for President
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To: Brian P. who wrote (465)2/21/2000 6:03:00 PM
From: Peter O'Brien  Read Replies (3) of 6579
 
Family with 4 kids, income > 100K --> 71% marginal tax rate

This is McCain's tax plan. Do you support it???

McCain supports an expansion of the child credit to
$1000 per child. But he does nothing about a VERY
NARROW PHASEOUT of this credit between 100K
and 110K annual income. For a married couple with 4 kids,
they would lose a $4000 credit for just a $10000
increase in their income (40%). Add this on to the
normal 31% rate, and you get 71%. That's 71 cents
for every extra dollar in income lost to taxes!

Apparently McCain seems to think that a family
like this making only 100K is "super rich" and
deserving of a 71% marginal tax rate. Oh, by the
way, this is only the marginal rate for federal
taxes... don't forget the state income tax adds
to this too.
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