And the rich just get richer ...
President Barack Obama's plan to let Bush-era tax cuts expire for super-rich Americans wouldn't have much effect on around 76 percent of those taxpayers, according to a study by the Joint Committee on Taxation.
Under the Democrats' plan to end a tax break for workers earning more than $200,000 per individual or $250,000 per couple, the 3.8 million filers who make between $200,000 to $500,000 would pay $2 billion more in 2011 taxes, or an average of just $532.
The study says those earning between $200,000 and $500,000 would account for 5 percent of the planned $38 billion tax increase. However, if you're one of the 608,000 taxpayers who make between $500,000 to $1 million, you'll pay an average of $10,000 more in taxes. If you're among those 315,000 who earn more than $1 million, you'll likely pay another $100,000.
Managing your Portfolio
Keeping your portfolio and financial life fit!View Course »