Friday, June 20, 2008

Obama proposes marginal tax rates of 53%

Senator Obama's plans to (i) remove the cap on social security taxes, (ii) increase the personal income tax rate; and (iii) get rid of some deductions would increase the marginal income tax rate to 53%. This takes us back to rates not seen since Jimmy Carter and closer to Denmark's 63% top rate which has resulted in emigration of the most productive employees.

1 comment:

  1. Frankly speaking, I don’t like the idea of increase I believe it’s better for things to work like they are at the moment. I do Forex trading and that’s with OctaFX broker, it is one of the finest brokers in the world today and there are plenty of benefits with them especially with their powerful daily market news and analysis service while there is also great cash back available which is up to 50% on all trading orders including the losing ones.