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Obama’s ‘Green Book’ proposals could put you in the red

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The Department of the Treasury has formally released its explanations of President Obama’s tax proposals for the 2010 fiscal year. The long-awaited “Green Book” (named for the color of the cover) provides vital in-depth information for both individual and business taxpayers.

Alert: The proposed tax changes hit hard. Revenue-raisers aimed at individuals total more than $736 billion over 10 years while business tax cuts amount to $71 billion over the same period.  

Here are the highlights of the Green Book proposals:

Income tax rates:
The two top individual tax rates would revert to 36% and 39.6% after 2010. The administration has proposed these rates for single filers with income above $200,000 and joint filers with income above $250,000. The 28% bracket would be expanded to insulate middle-income taxpayers from a tax increase.

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It’s not yet clear if the dollar thresholds would apply to adjusted gross incom...(register to read more)

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