May 12, 2009
U.S. Treasury details tax proposals
The U.S. Treasury Department said a new tax proposal seeks to raise the tax rate for couples with an adjusted gross income of about $235,000.
The proposed 36 percent rate, up from 33 percent, would apply to couples earning an adjusted gross income of $250,000
less the standard deduction and two personal exemptions, The Wall Street Journal reported Tuesday.
Doug Holtz-Eakin, a former adviser to Sen. John McCain, R-Ariz., told the Journal the proposal
doesn't sound exactly consistent, with President Barack Obama's campaign pledge to not raise taxes for couples earning $250,000.
John Castellani, president of the Business Roundtable, said other proposals that would restrict tax avoidance among U.S. corporations that set up foreign companies would
hamstring American competitiveness.
The proposed tax increases on U.S. companies by the Treasury threaten the jobs of tens of millions of U.S. workers, he said to the Journal.