According to the President’s fiscal year (FY) 2010 budget blueprint, wealthy taxpayers will indeed pay a higher tax rate on the income they derive from wages and salaries, taxable interest, business income, capital gains, dividends, and retirement income. President Obama proposes reinstating the 36 percent and 39.6 percent rates (up from 33 percent and 35 percent) for taxpayers earning more than $250,000 (married) and $200,000 (single), among other increases. This will have a big impact in Arkansas and the Third District. There are just over 18,000 tax filers in Arkansas with an income of more than $200,000. The President’s proposal would force those citizens to pay more than $6,401 more each year in taxes. 

Taxpayers With Income More Than $200,000 in the Third District                                        

  $200,000+ Filers     Total Income                                    

        6,329                 $2,576,681,555                   

Total New               Avg. Total     

Tax Increase         New Tax       

$64,157,981          $10,137

*This information compiled by The Heritage Foundation.

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