Senator Max Baucus (D-MT), chairman of the Senate Finance Committee, introduced legislation to permanently reduce tax rates on middle income earners. The rates would drop from 15, 29, 31 and 36 percent to 10, 15, 25, 28 and 33 percent. The bill also returns the estate tax to 2009 levels (45 percent with a $3.5 million exemption) and makes the 15 percent capital gains rate permanent for individuals and families making under $200,000 and $250,000 respectively.
See "Baucus Introduces Bill to Permanently Cut Middle-Class taxes, Extend Job-Creating Tax Cuts for Businesses, Families, Workers," found at http://finance.senate.gov/newsroom/chairman/release/?id=a0c2f257-e293-4d75-bfb6-628ce43f36f3.
Posted by James G. Haskell, Senior Associate Editor, Wealth Strategies Journal.
See "Baucus Introduces Bill to Permanently Cut Middle-Class taxes, Extend Job-Creating Tax Cuts for Businesses, Families, Workers," found at http://finance.senate.gov/newsroom/chairman/release/?id=a0c2f257-e293-4d75-bfb6-628ce43f36f3.
Posted by James G. Haskell, Senior Associate Editor, Wealth Strategies Journal.
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