Proposed: $12,000 standard deduction for single taxpayers
and $24,000 for married couples, filing jointly.
A single taxpayer
with MAGI over $25,000 ($32,000 if filing a joint return) must pay tax on up to 50% of Social Security income, and on up to 85% if MAGI is greater than $34,000 ($44,000 if filing a joint return).
The proposed 20 percent rate would begin to apply to single taxpayers
who earn over $127,500, and married taxpayers would become subject to the rate once income hits $255,000.
For single taxpayers
and married taxpayers filing separately: $200,000 on the last day of the year or $300,000 anytime during the year; and
There is also the revival of the "Pease" limitation on itemized deductions and the personal exemption phase-out for taxpayers whose taxable income exceeds $250,000 for single taxpayers
and $300,000 for married taxpayers.
Total assets, not including the house, can not exceed $28,000 for single taxpayers
and $30,000 for married taxpayers.
Since his campaign for president in 2008, Obama has said income tax rates should rise for single taxpayers
with gross incomes over $200,000 and married couples with incomes over $250,000.
with an income up to $125,000, and married couples with joint income up to $225,000 qualify for the full tax credit.
The credit is equal to 15 percent of the taxpayer's "Section 22" amount of income for the year: $5,000 for single taxpayers
or married taxpayers filing jointly when only one spouse qualifies for the credit (i.
Also, the maximum yearly contribution is subject to a pro rata phase-out for taxpayers filing jointly with modified adjusted gross incomes between $167,000 and $177,000 (for single taxpayers
with modified adjusted gross incomes between $105,000 and $120,000).
who make between $75,000 and $95,000 also will not notice much change.
This amount is now $44,350 for single taxpayers
and $66,250 for taxpayers married filing jointly.