ECON 201 Lecture Notes - Lecture 14: Deadweight Loss, Marginal Revenue, Monopolistic Competition
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According to the two âIn the Newsâ articles and the table below,
In the News: Obama Pitches Tax Hike on the Rich |
WASHINGTON: President Barack Obama on Wednesday proposed raising taxes on the wealthiest Americans during a major speech Wednesday outlining his long-term plan to bring the federal budget closer to balance. "At a time when the tax burden on the wealthy is at its lowest level in half a century, the most fortunate among us can afford to pay a little more," Obama told an audience at George Washington University. . . . Republicans denounced the proposed tax hikes as a sure way to slow economic growth in the United States. "It's very ironic that a few days before tax day in this country that the president would be coming out asking people to pay more taxes," said Representative Eric Cantor, the Republican majority leader in the House of Representatives. I don't think many Americans believe that that's the answer to fix this economy and grow jobs. |
Analysis: President Obama proposed ending the "tax break for the rich" by increasing the top marginal tax rate from 35 percent to 39.6 percent. |
In the News: The Obamas' Taxes | ||||
Gross Income | Deductions | |||
Wages | $ 395,188 | State/local taxes | $ 52,527 | |
Interest | 8,066 | Property taxes | 25,742 | |
Dividends | 9,997 | Mortgage interest | 49,945 | |
Tax refunds | 1,151 | Charity | 245,075 | |
Book royalties | 1,382,889 | Total allowed | $ 373,289 | |
Capital loss | (3,000) | |||
Trust income | 1,323 | |||
Total income | $1,795,614 | |||
Adjustments | Exemptions | $ 14,600 | ||
Self-employment tax | $ 18,518 | Taxable income | $1,340,207 | |
Pension contribution | 49,000 | Tax | $ 438,949 | |
$ 67,518 | ||||
Adjusted Gross Income | $1,728,096 |
Tax Bracket | Marginal Tax Rate |
$0-8,375 | 10% |
$8,375-34,000 | 15 |
$34,000-82,400 | 25 |
$82,400-171,850 | 28 |
$171,850-373,650 | 33 |
Over $373,650 | 35 |
Had Obama succeeded in raising the top marginal tax rate, how much more tax would he have paid in 2010?
Instructions: Enter your response to two decimal places.
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According to the two âIn the Newsâ articles and the table below,
In the News: Obama Pitches Tax Hike on the Rich |
WASHINGTONâPresident Barack Obama on Wednesday proposed raising taxes on the wealthiest Americans during a major speech Wednesday outlining his long-term plan to bring the federal budget closer to balance. âAt a time when the tax burden on the wealthy is at its lowest level in half a century, the most fortunate among us can afford to pay a little more,â Obama told an audience at George Washington University. . . . Republicans denounced the proposed tax hikes as a sure way to slow economic growth in the United States. âItâs very ironic that a few days before tax day in this country that the president would be coming out asking people to pay more taxes,â said Representative Eric Cantor, the Republican majority leader in the House of Representatives. âI donât think many Americans believe that thatâs the answer to fix this economy and grow jobs.â |
Analysis: President Obama proposed ending the "tax break for the rich" by increasing the top marginal tax rate from 35 percent to 39.6 percent. |
In the News: The Obamas' Taxes | ||||
Gross Income | Deductions | |||
Wages | $ 395,188 | State/local taxes | $ 52,527 | |
Interest | 8,066 | Property taxes | 25,742 | |
Dividends | 9,997 | Mortgage interest | 49,945 | |
Tax refunds | 1,151 | Charity | 245,075 | |
Book royalties | 1,382,889 | Total allowed | $ 373,289 | |
Capital loss | (3,000) | |||
Trust income | 1,323 | |||
Total income | $1,795,614 | |||
Adjustments | Exemptions | $ 14,600 | ||
Self-employment tax | $ 18,518 | Taxable income | $1,340,207 | |
Pension contribution | 49,000 | Tax | $ 446,716 | |
$ 67,518 | ||||
Adjusted Gross Income | $1,728,096 |
Tax Bracket | Marginal Tax Rate |
$0-8,375 | 10% |
$8,375-34,000 | 15 |
$34,000-82,400 | 25 |
$82,400-171,850 | 28 |
$171,850-373,650 | 33 |
Over $373,650 | 35 |
Had Obama succeeded in raising the top marginal tax rate, how much more tax would he have paid in 2010?
Instructions: Enter your response to two decimal places.