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Lower rates: Currently there are seven individual income tax rates ranging from 10% to 39.6%. Camp would reduce them to three: 10%, 25% and 35%. The highest bracket would essentially apply to the income that today is subject to the 39.6% bracket -- income over $400,000 for singles and $450,000 for married couples filing jointly.
But many tax breaks, such as the one workers get for employer contributions to their health coverage, would only be allowed against income up to the 25% bracket. So their total value would be reduced or even eliminated for very high-income filers.
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Higher standard deduction: The proposal would raise the standard deduction to $11,000 for individuals and $22,000 for couples. The net result would be fewer taxpayers who itemize their deductions, thereby simplifying the tax filing experience.
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Reduced mortgage interest deduction: The mortgage interest deduction currently is allowed on mortgages up to $1 million. Under Camp's proposal the cap would be lowered to $500,000.
The plan would also place new restrictions on the tax-free gains homeowners enjoy when they sell their home.
No more state and local income tax deduction: Taxpayers are allowed today to deduct their state and local income taxes on their federal return. That would no longer be allowed under the proposal.
Change in how long-term gains are taxed: Camp would tax 60% of capital gains at ordinary income tax rates and exclude the other 40% from tax. For many people, their bill would work out to be exactly the same as it is now.
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Change how investment managers are taxed: Managers of private equity, including venture capital, funds are often paid "carried interest" as part of their total pay. Carried interest represents a share of profits from investment funds.
But the managers currently only have to pay the 20% capital gains tax rate on it, which is lower than the ordinary income tax rate.
Under Camp's plan, at least some types of carried interest would be taxed as wage income.

Impose a "Fair Share Tax": As he has called for before, Obama wants Congress to implement the so-called Buffett Rule, which would require people making over $1 million to pay at least 30% of their income, after charitable contributions, in federal taxes.
The White House estimates the Buffett Rule could raise $53 billion over a decade.
Cap the value of deductions for high-income households: Obama wants to limit the value of itemized deductions, as well certain tax exclusions, to 28% of the amount claimed.
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Limit savers' combined balance across tax-preferred accounts:
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Raise the estate tax: The president wants restore the 2009 estate tax exemption levels and estate tax rate.

The White House estimates the Buffett Rule could raise $53 billion over a decade.

Malcolm wrote:

The White House estimates the Buffett Rule could raise $53 billion over a decade.

Which it would promptly piss away.

Vince wrote:

Malcolm wrote:

The White House estimates the Buffett Rule could raise $53 billion over a decade.

Which it would promptly piss away.

I think that'll just about cover what we were promising to give the Ukraine.

TheCatt wrote:Limit savers' combined balance across tax-preferred accounts:

TheCatt wrote:

TheCatt wrote:Limit savers' combined balance across tax-preferred accounts:

This one really annoys me. The government deciding for me how much I need to save for retirement. Fuck you, Obama. Stop trying to take my money.