@ican711nm,
2009 INCOME TAX ON THOSE MARRIED FILING JOINTLY (The Bush Income Tax)
Over...........But not over..........The tax is...........Of the amount over
.......$0.........$16,700..............---------- 10%.........................$0
16,700.......... 67,900...............1,670.00 + 15%..................16,700
67,900.........137,050...............9,350.00 + 25%.................67,900
...
372,950........----------...........100,894.50 + 35%...............372,950
Obamacrats plan in 2011 to end the Bush Income Tax rates and revert to the Clinton Income Tax rates.
A married couple filing jointly whose annual joint taxable income this year was $30,000, paid $1,670 + (0.15 x (30,000 - 16,700)) = $1670 + $1,995 = $3,665.
A married couple filing jointly whose annual joint taxable income in 2011 will be $30,000, will pay (0.15 x 30,000) = $4,500.
That will be an income tax increase = $4,500 - $3,665 = $835
Anyone whose annual taxable income is $16,700 to $30,000--and up to the top of the 15% tax bracket--will suffer a tax increase of $835 per year if the Bush tax cuts are not renewed.
To get enough Congressional support by Democrats for the original adoption of this tax cut, the Republicans reluctantly agreed to a 2011 date when this tax cut had to be renewed or reverted to Clinton tax increases. So far the Democrats have refused to renew it.
A tax increase of $835 per year is significant to the middle class, epecially those at the bottom of the middle class.