Taxes- Obama's jobs bill is hiding a frightening new tax

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Obama's jobs bill is hiding a frightening new tax

Monday, October 10, 2011
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From Economic Policy Journal:

How's this for a sneaky tax increase move? Obama's "jobs" bill contains a retroactive tax on municipal bonds.

The proposed jobs bill would cap municipal bond tax exemptions, which are currently 100% tax-free at the federal level. Americans in the top tax bracket would pay 7% on any income that would have otherwise been tax-exempt, including municipal bonds. If the Bush tax cuts expire at the end of 2012, the maximum tax on municipal earnings would be even higher: 11.6 percent

Additionally, the proposal would affect...

Read full article...

More on taxes:

Former President Bill Clinton rejects Obama's new tax plan

Market veteran Cashin dismantles Obama's "Millionaire's Tax"

Why big U.S. banks will soon charge you a ridiculous new fee to use your own money

Topics:		Taxes \| Muni_bonds \| Obama

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