of the house all saying if you re a family earning $250,000 or less, you re going to keep your tax cuts. and you have some moderate democrats joining with republicans and saying what alan was talking about, which is this is not the time to raise anyone s taxes in the recession, even on the top 3% of wage earners in this country. however, you do have a bunch of economists who say that those people will continue to spend even if they do get an increase to 39.6%, which just, by the way, returns the wealthy s tax rate to where it was during the clinton years. ali, gloria, there is another aspect to this as well, because the wealthy are going to get hit, as we mentioned, on the dividend side of things, on the capital gains as well. after all, it is primarily the wealthy who are the folks who own stocks. so these tax increases make investing in stocks less
a typical family earning $100,000 with two children that has been a standard detector who uses the standard deductions, continues to use the standard deduction, they can expect a tax cut of about $1,000. critics say the illumination of the state local tax deduction could mean middle income families in high tax states like new york, connecticut, california could end up paying more tax. you could find me someone in the country that their taxes may not go down. we have all different types of structures in the tax code. i guarantee you you could find someone, maybe one person. the white house could not say measures like eliminating the alternative minimum tax would not have benefited president trump who in 2005 paid $31 million in a.m. t. american taxpayers care about what they take home.
up the difference. they should pay more. listen. what we re asking is that not millionaires, not billionaires, but people who made more than a million dollars a year, pay a tax on money they make over a million dollars. this is 3.25% tax on people who make more than a million dollars. we don t tax the first million. martha: so reid s also saying that democrats want to extend the tax cut for the middle class. for some context on all of this, the social security tax cut was part of last year s tax agreement that also extended the bush-era tax cuts, right? without the extension, about 160 million americans, middle class americans, will see their taxes pop up come january when they start to get their paychecks. for a family earning $50,000 a year that will amount to a tax increase of about $1,000. so that is a nice piece of change. ouch, right? bill: now to the trail and the big headline of the day.