For people who earn less than 250K, the impact will be
1. 2% SS tax increase, and that's around 4.5K for working couple who earn around 200K
For people who earn between 250K~450K:
1. There deductible is phased out, for example, mortgage, property tax, state tax deductible will be phased out. this could be several thousand doallr
2. There exmption: each person should have $3900 exmption, but this will be phased out and completed phased out at around 385k, for a four person family, that's 15.6K before tax, apply the 30% rate, that's around 47K out of the pocket again,
3. If you have any capital gain, long term or short term, that's 3.8% extra for obama medicare tax, if the capital gain is 200K, that's 7.6K tax;
4. For long term capital gain, add another 5%, ....
So, the so said 459K is misleading,,,,,..... Middle class is robbed. In a state wher the state tax is around 10%, the effect tax rate for income over 250K is around 44%.....
