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FBN’s Peter Barnes on the average federal tax increase for those who earn $1M or more.
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Start where the action really began this is one cases no doubt that what happened inside -- no way affected the markets Peter what's the latest how much we're gonna be paying.
Well then -- the we have budgeted taxes that are -- taxpayers starting this year including from this week's tax bill finished up in the house last night and we've been looking at -- impact.
On different income brackets for each hour of the day today and this hour.
We are wrapping up with millionaires and billionaires -- -- -- of a million dollars annually or more that covers about 300000.
Households filers here.
The big change this week that will affect them was the restoration of the top marginal tax rate of 39 point six from the Clinton -- or individuals making.
More than 400000 a year families make -- more than 450000.
Those tax prior payers will also see the rates on their cap gains and dividends rise to 20% from 15%.
On related to this week's tax legislation.
Is a new tax under the president's Health Care Reform law a three point 8% Medicare surcharge.
On investment income for individuals making more than.
200000.
A year families making more than 250.
But the tax increase that will hit.
-- pretty much everybody.
Lower income as well as copper is the expiration of that payroll tax cut from the last two years that hits anybody who gets a paycheck from.
A ten.
101000 dollars to ten you know a billion dollars so far the drum roll please for a households earning more than a million dollars or more a year according to the Tax Policy Center their taxes will go up on average.
By a 170341.
Dollars no surprise if you including billionaires -- By the way we should emphasize that even millionaires and billion years.
Won't see their taxes go up on the first 400000 if there individuals or 450000.
That customer they get at the old tax rate even the millionaires and billionaires corrects.
Right but -- for a billionaires that I think that's tip money yeah.
Call man at big chunk of change a day -- Alice -- thanks data cards and --
