Graph of the Day for September 14, 2010

"Unless Congress takes action and President Obama goes along, rates will go up for everyone -- not just a sliver of the wealthiest Americans. The current six rate brackets of 10%, 15%, 25%, 28%, 33% and 35% will be replaced by five new brackets with the higher rates of 15%, 28%, 31%, 36% and 39.6%."  Bill Bischoff via Yahoo Finance.

Source:  The Heritage Foundation.

Hoven's Index for September 14, 2010

Amount of income taxes collected at the 35% marginal rate in 2008:  $218 billion

Extra collected if that had been taxed at 39.6% (assuming no change in taxpayer behavior):  $28.6 B

Days of federal spending at the FY2009 rate ($3,518B/yr) funded by $28.6B:  3

Source:  IRS and author's calculations.

Graph of the Day Archive.