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T12-0428

T12-0428

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Published by Patricia Dillon

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Published by: Patricia Dillon on Sep 29, 2013
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03/26/2014

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1-Jan-13VERY PRELIMINARY: SUBJECT TO REVISION
http://www.taxpolicycenter.org
Less than 10
0.0064.2106-1.30.6681.33.0
10-20
***61.4249-1.01.91531.01.7
20-30
***72.9406-1.32.92971.26.8
30-40
0.0077.8572-1.43.94451.311.6
40-50
0.1-2879.9724-1.54.05791.314.0
50-75
0.2-10383.5985-1.610.68221.317.1
75-100
0.2-15086.31,399-1.78.91,2061.419.3
100-200
0.3-21589.61,991-1.718.11,7841.322.0
200-500
1.7-28793.12,976-1.36.52,7111.026.2
500-1,000
0.4-15399.515,055-3.15.414,8122.232.1
More than 1,000
***99.9171,330-7.837.1170,3415.238.5
All
0.1-22077.11,635-2.3100.01,2571.821.7Source: Urban-Brookings Tax Policy Center Microsimulation Model (version 0412-8).* Less than 0.05** Insufficient data(4) After-tax income is cash income less: individual income tax net of refundable credits; corporate income tax; payroll taxes (Social Security and Medicare); and estate tax.(5) Average federal tax (includes individual and corporate income tax, payroll taxes for Social Security and Medicare, and the estate tax) as a percentage of average cash income.Number of AMT Taxpayers (millions). Baseline: 4.0 Proposal: 3.4http://www.taxpolicycenter.org/T11-0270
Avg Tax CutPct of TaxUnitsAvg TaxIncrease
(2) Includes both filing and non-filing units but excludes those that are dependents of other tax units. Tax units with negative cash income are excluded from the lowest income classbut are included in the totals. For a description of cash income, seehttp://www.taxpolicycenter.org/TaxModel/income.cfm(3) Includes tax units with a change in federal tax burden of $10 or more in absolute value.
Tax Units with Tax Increase or Cut
3
PercentChange inAfter-TaxIncome
4
Share of TotalFederal TaxChangeAverageFederal TaxChange ($)Average Federal Tax Rate
5
With Tax CutWith Tax IncreaseChange (%Points)Under theProposalPct of TaxUnitsClick on PDF or Excel link above for additional tables containing more detail and breakdowns by filing status and demographic groups.
Table T12-0428The American Taxpayer Relief Act of 2012 (ATRA) as Passed by the SenateMajor Individual Income Tax and Estate Tax ProvisionsExcludes Certain Business Extenders and other Provisions
(1) Calendar year. Baseline is current policy with the following modifications: extension of 2 percent payroll tax cut; repeal of the health care legislation taxes on earnings, andinvestment income; repeal of the 10 percent limitation on the deductibility of medical expenses. Proposal would extend the tax cuts in TPC's current policy baseline with thefollowing exceptions and modifications: (1) raise statutory individual income tax rate to 39.6 percent on taxable income greater than $450,000 for married couples filing a jointreturn (MFJ), $400,000 for singles, and $425,000 for heads of household (HoH), indexed for inflation after 2013; (2) reinstate the personal exemption phaseout (PEP) and thelimitation on itemized deductions (Pease) for those with adjusted gross incomes greater than $300,000 for MFJ, $250,000 for singles, and $275,000 for HoH, indexed for inflationafter 2013; (3) raise rate on long-term capital gains and qualified dividends to 20 percent for those otherwise in the top 39.6 percent tax bracket; (4) raise estate tax rate from 35 to40 percent; (4) set AMT exemption at $78,750 for MFJ, $50,600 for singles, indexed for inflation after 2012; and (5) index the AMT exemption phaseout threshold and tax bracketthreshold for inflation after 2012. Includes impact of extending the sales tax deduction, the above-the-line deductions for education expenses, and the educator deduction butexcludes the impact of certain business and other extenders. For a description of TPC's current law and current policy baselines, see
Baseline: Patched 2012 Law (Payroll Cut Extended, No Health Taxes, AMT Fix)Distribution of Federal Tax Change by Cash Income Level, 2013
1
Summary Table
Cash Income Level(thousands of 2012dollars)
2
 
1-Jan-13VERY PRELIMINARY: SUBJECT TO REVISION
http://www.taxpolicycenter.org
Less than 10
0.064.2-1.30.66873.00.00.11.33.0
10-20
*61.4-1.01.9153151.00.20.31.01.7
20-30
*72.9-1.32.929721.00.11.41.26.8
30-40
0.077.8-1.43.944512.10.13.01.311.6
40-50
0.179.9-1.54.057910.00.03.71.314.0
50-75
0.283.5-1.610.68228.4-0.111.41.317.1
75-100
0.286.3-1.78.91,2067.6-0.110.41.419.3
100-200
0.389.6-1.718.11,7846.5-0.624.91.322.0
200-500
1.793.1-1.36.52,7113.8-0.814.91.026.2
500-1,000
0.499.5-3.15.414,8127.2-0.16.72.232.1
More than 1,000
*99.9-7.837.1170,34115.51.323.05.238.5
All
0.177.1-2.3100.01,2579.10.0100.01.821.7
Less than 10
16,04110.15,3900.8930.15,2971.01.7
10-20
24,24315.315,1053.31010.115,0044.10.7
20-30
19,31712.225,0844.41,4151.323,6695.25.6
30-40
17,48211.135,5795.73,6722.931,9076.310.3
40-50
13,8798.845,6125.85,8073.739,8056.312.7
50-75
25,63316.262,05314.59,78611.552,26715.215.8
75-100
14,6109.288,23511.715,78910.672,44612.017.9
100-200
20,20412.8133,78224.627,63425.5106,14824.320.7
200-500
4,7803.0283,73212.371,57315.7212,15811.525.2
500-1,000
7280.5683,2644.5204,7806.8478,4844.030.0
More than 1,000
4330.33,295,48713.01,098,67021.82,196,81810.833.3
All
158,260100.069,527100.013,816100.055,710100.019.9Source: Urban-Brookings Tax Policy Center Microsimulation Model (version 0412-8).* Less than 0.05(5) Average federal tax (includes individual and corporate income tax, payroll taxes for Social Security and Medicare, and the estate tax) as a percentage of average cash income.Number of AMT Taxpayers (millions). Baseline: 4.0 Proposal: 3.4http://www.taxpolicycenter.org/T11-0270(2) Includes both filing and non-filing units but excludes those that are dependents of other tax units. Tax units with negative cash income are excluded from the lowest income class but are included in the totals.For a description of cash income, seehttp://www.taxpolicycenter.org/TaxModel/income.cfm(3) Includes tax units with a change in federal tax burden of $10 or more in absolute value.(4) After-tax income is cash income less: individual income tax net of refundable credits; corporate income tax; payroll taxes (Social Security and Medicare); and estate tax.
AverageFederal TaxRate
5
Average (dollars)Percent of TotalNumber(thousands)Percent of TotalAverage (dollars)Percent of TotalAverage (dollars)Percent of TotalUnder theProposalChange (%Points)Under theProposal
Baseline Distribution of Income and Federal Taxesby Cash Income Level, 2013
1
Cash Income Level(thousands of 2012dollars)
2
Tax Units Pre-Tax IncomeFederal Tax BurdenAfter-Tax Income
4
Percent Changein After-TaxIncome
4
Share of TotalFederal TaxChangeAverage Federal Tax ChangeShare of Federal TaxesAverage Federal Tax Rate
5
With Tax CutWith TaxIncreaseDollarsPercentChange (%Points)
Table T12-0428The American Taxpayer Relief Act of 2012 (ATRA) as Passed by the SenateMajor Individual Income Tax and Estate Tax ProvisionsExcludes Certain Business Extenders and other ProvisionsBaseline: Patched 2012 Law (Payroll Cut Extended, No Health Taxes, AMT Fix)
(1) Calendar year. Baseline is current policy with the following modifications: extension of 2 percent payroll tax cut; repeal of the health care legislation taxes on earnings, and investment income; repeal of the10 percent limitation on the deductibility of medical expenses. Proposal would extend the tax cuts in TPC's current policy baseline with the following exceptions and modifications: (1) raise statutory individualincome tax rate to 39.6 percent on taxable income greater than $450,000 for married couples filing a joint return (MFJ), $400,000 for singles, and $425,000 for heads of household (HoH), indexed for inflationafter 2013; (2) reinstate the personal exemption phaseout (PEP) and the limitation on itemized deductions (Pease) for those with adjusted gross incomes greater than $300,000 for MFJ, $250,000 for singles, and$275,000 for HoH, indexed for inflation after 2013; (3) raise rate on long-term capital gains and qualified dividends to 20 percent for those otherwise in the top 39.6 percent tax bracket; (4) raise estate tax ratefrom 35 to 40 percent; (4) set AMT exemption at $78,750 for MFJ, $50,600 for singles, indexed for inflation after 2012; and (5) index the AMT exemption phaseout threshold and tax bracket threshold for inflationafter 2012. Includes impact of extending the sales tax deduction, the above-the-line deductions for education expenses, and the educator deduction but excludes the impact of certain business and otherextenders. For a description of TPC's current law and current policy baselines, see
Distribution of Federal Tax Change by Cash Income Level, 2013
1
Detail Table
Cash Income Level(thousands of 2012dollars)
2
Percent of Tax Units
3
 
1-Jan-13VERY PRELIMINARY: SUBJECT TO REVISION
http://www.taxpolicycenter.org
Less than 10
0.061.7-1.31.96320.90.10.81.26.9
10-20
*50.6-0.94.812314.70.22.70.86.4
20-30
0.066.7-1.27.226510.10.15.61.111.6
30-40
0.072.9-1.49.44188.40.18.71.215.2
40-50
0.078.7-1.69.26087.60.09.21.318.8
50-75
*80.0-1.718.28226.7-0.220.91.321.4
75-100
0.178.3-1.68.21,0985.6-0.211.11.323.8
100-200
0.674.2-1.49.11,3864.3-0.515.91.125.5
200-500
2.589.6-1.43.92,8093.5-0.38.31.029.2
500-1,000
1.198.3-3.83.818,0768.40.03.52.634.0
More than 1,000
0.199.6-8.624.2182,63715.40.913.05.541.3
All
0.166.6-1.8100.05817.70.0100.01.520.7
Less than 10
12,28017.15,3272.33030.75,0242.75.7
10-20
16,35322.714,9978.78372.514,16010.25.6
20-30
11,32915.724,88510.02,6305.522,25511.110.6
30-40
9,39613.035,55411.94,9808.630,57412.614.0
40-50
6,3068.845,51310.27,9509.237,56410.417.5
50-75
9,29212.961,37320.212,32221.149,05120.020.1
75-100
3,1254.387,5759.719,72711.467,8499.322.5
100-200
2,7633.8132,17213.032,28116.599,89112.124.4
200-500
5810.8286,7775.981,0378.7205,7405.328.3
500-1,000
890.1684,9992.2214,6053.5470,3941.831.3
More than 1,000
560.13,307,3666.51,184,24312.12,123,1235.235.8
All
72,035100.039,146100.07,530100.031,617100.019.2Source: Urban-Brookings Tax Policy Center Microsimulation Model (version 0412-8).* Less than 0.05http://www.taxpolicycenter.org/T11-0270(2) Includes both filing and non-filing units but excludes those that are dependents of other tax units. Tax units with negative cash income are excluded from the lowest income class but are included in thetotals. For a description of cash income, seehttp://www.taxpolicycenter.org/TaxModel/income.cfm(3) Includes tax units with a change in federal tax burden of $10 or more in absolute value.(4) After-tax income is cash income less: individual income tax net of refundable credits; corporate income tax; payroll taxes (Social Security and Medicare); and estate tax.(5) Average federal tax (includes individual and corporate income tax, payroll taxes for Social Security and Medicare, and the estate tax) as a percentage of average cash income.
AverageFederal TaxRate
5
Average (dollars)Percent of TotalNumber(thousands)Percent of TotalAverage (dollars)Percent of TotalAverage (dollars)Percent of TotalUnder theProposalChange (%Points)Under theProposal
Baseline Distribution of Income and Federal Taxesby Cash Income Level, 2013
1
Cash Income Level(thousands of 2012dollars)
2
Tax Units Pre-Tax IncomeFederal Tax BurdenAfter-Tax Income
4
Percent Changein After-TaxIncome
4
Share of TotalFederal TaxChangeAverage Federal Tax ChangeShare of Federal TaxesAverage Federal Tax Rate
5
With Tax CutWith TaxIncreaseDollarsPercentChange (%Points)
Table T12-0428The American Taxpayer Relief Act of 2012 (ATRA) as Passed by the SenateMajor Individual Income Tax and Estate Tax ProvisionsExcludes Certain Business Extenders and other ProvisionsBaseline: Patched 2012 Law (Payroll Cut Extended, No Health Taxes, AMT Fix)
(1) Calendar year. Baseline is current policy with the following modifications: extension of 2 percent payroll tax cut; repeal of the health care legislation taxes on earnings, and investment income; repeal of the10 percent limitation on the deductibility of medical expenses. Proposal would extend the tax cuts in TPC's current policy baseline with the following exceptions and modifications: (1) raise statutory individualincome tax rate to 39.6 percent on taxable income greater than $450,000 for married couples filing a joint return (MFJ), $400,000 for singles, and $425,000 for heads of household (HoH), indexed for inflationafter 2013; (2) reinstate the personal exemption phaseout (PEP) and the limitation on itemized deductions (Pease) for those with adjusted gross incomes greater than $300,000 for MFJ, $250,000 for singles,and $275,000 for HoH, indexed for inflation after 2013; (3) raise rate on long-term capital gains and qualified dividends to 20 percent for those otherwise in the top 39.6 percent tax bracket; (4) raise estate taxrate from 35 to 40 percent; (4) set AMT exemption at $78,750 for MFJ, $50,600 for singles, indexed for inflation after 2012; and (5) index the AMT exemption phaseout threshold and tax bracket threshold forinflation after 2012. Includes impact of extending the sales tax deduction, the above-the-line deductions for education expenses, and the educator deduction but excludes the impact of certain business andother extenders. For a description of TPC's current law and current policy baselines, see
Distribution of Federal Tax Change by Cash Income Level, 2013
1
Detail Table - Single Tax Units
Cash Income Level(thousands of 2012dollars)
2
Percent of Tax Units
3

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