returning to Clinton era tax rates for those making over $200K would return $800 Billn ovr 10 yrs

[JohnWxy]

Republicans call this "raising taxes"...Of course, the Bush tax cuts were supposed to be temporary from the start. Letting the rates (for earners > $200K) go back to where they were in the Clinton is what GOPers are adamantly opposed to calling this "raising taxes".

http://www.usatoday.com/money/perfi/taxes/2011-07-13-tax-debate_n.htm

Here's a look at the leading candidates:

•Let the tax cuts enacted in 2001 and extended last December expire for individuals with adjusted gross income above $200,000 and couples above $250,000.

This would restore the 36% and 39.6% rates that existed until 2001, beginning in 2013, when the economy presumably would be in better shape. It would raise about $800 billion over 10 years.

Some Democrats want to target only taxpayers with income above $1 million. "There is some flexibility about whether this should be about millionaires as opposed to quarter-millionaires," quips Clint Stretch, a tax principal at Deloitte Tax.

(more)
-------------------------------------------------------------------------------------------------------------------------------------------------------

Note this single option offers the largest return of all those being considered.

The USA Today article, in hard copy, has a very good chart which I could not find on their web-site which shows how this change impacts individuals in the affected tax brackets. It shows those with incomes between $200,000 to $500,000 will have their income taxes go up $988. Those making from $500,000 to $1,000,000 would see taxes go up $15,600 a year. Those making more than a $1,000,000 a year would see their taxes go up $131,000. These of course are NOT NEW taxes they would just be a return to what they were paying during the Clinton administration (when we had a booming economy).

 Income                   Avg Fed tax change 2013
   $200,000 -   $500,000                 $988
   $500,000 - $1,000,000              $15,615
   more than $1,000,000              $130,563