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December, 2007
elements of democrat's proposed 2007 tax increase

• With the combination of letting the tax-cuts of 2001 and 2003 expire, and passing Rangel’s tax increase, the top income tax rate will rise from 35% to 44%. This extra nine percentage points of tax will apply to all households (with two or more adults) who have taxable incomes of $350,000 or more per year.
  
• Capital gains taxes will rise from 15% to 19.6%.
  
• On top of the expiration of the income tax rate cuts, the Rangel bill will implement a surtax of 4% on all gross income (before any deductions) for all households (with two or more adults) who have incomes of $200,000 or more per year. This surtax would apply to any individual earning $150,000 or more per year. So, for instance, aspiring couples who may have met in law school and  marry will most likely have to pay this surtax, given the typical salaries paid to first-year lawyers at the larger law firms in Dallas. Since the surtax will be applied to “gross income,” and not “taxable income,” this punitive tax will be charged on all local and state taxes, mortgage interest, medical expenses and charitable contributions.
  
• The bill largely restores the “Marriage Tax Penalty,” since the surtax would be applied unevenly between incomes for individuals compared to married couples.