September 9, 2012
Johnston: Who Pays the Top Income Tax Rate?
President Obama wants to raise the top marginal income tax rate on salaries and other ordinary income from 35% to 39.6% by letting the extended temporary Bush tax cuts expire at year-end.
Mitt Romney wants to drop the top rate by a fifth to 28% (and running mate Paul Ryan has called for a top rate of 25%).
So who pays the 35% rate? How much do they pay? And how much more would they pay if the Clinton-era rate of 39.6% were restored?
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