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How Many in Huntington-Belle Haven Might Feel Obama Tax Rate Increase?

President Obama wants to raise tax rates on those making $250,000 or more.

President Barack Obama hopes to raise taxes on Americans making $250,000, or approximately the upper 2 percent of incomes across the country.

There are no hard and fast numbers for the Huntington-Belle Haven area on how many people make more than $250,000, but the latest IRS data available shows that more than 1,200 households in Huntington and Belle Haven's 22303, 22306 and 22307 ZIP codes filed tax returns showing adjusted gross incomes of more than $200,000, the highest level income category reported by the IRS.

Obama's plan could raise $1.6 trillion in revenue over 10 years, partly by letting decade-old tax cuts on the country's highest earners expire at the end of the year, according to a report by the Associated Press.

The president would continue Bush-era tax cuts for all except those earning more than $200,000 and couples making more than $250,000. The highest rates on upper incomes would rise from 33 percent and 35 percent to 36 percent and 39.6 percent.

“The issue right now that’s relevant is the acknowledgment that, if we’re going to raise revenues that are sufficient to balance with the very tough cuts that we’ve already made and the further reforms in entitlements that I’m prepared to make, that we’re going to have to see the rates on the top 2 percent go up. And we’re not going to be able to get a deal without it,” the president said last week in an interview with Bloomberg Television.

Republicans so far have publicly rejected increases in tax rates, but have agreed that increased revenue from tax reform such as limiting some deductions and loopholes should be part of a comprehensive deficit reduction package, CNN reported Friday.

IRS tax data by ZIP code for the year 2008, the most recent available, breaks down the income tax returns from those areas by levels of adjusted gross income.

The IRS category showing adjusted gross income levels of $200,000 and above includes the earners Obama is targeting — those making $250,000 or more.

The number of returns at that level in the Huntington - Belle Haven ZIP codes are:

22303: 175

22306: 484

22307: 704

What do you think? Do you think the President should raise the tax rate on the top 2 percent?

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M. Ellsworth December 10, 2012 at 03:51 PM
I don't understand why it's fair to gouge people who have worked hard for their money (& no, I wouldn't be affected by the tax rate hike)--seems to me that, since most economists, liberal & conservative, agree that raising the rates will do nothing to fix the problem, it's just mean-spirited envy that's driving the argument. Why can't the President try something that actually will work? Or is he not really interested in a prosperous economy, just a dependent one?
Kerry December 10, 2012 at 06:13 PM
this will just kill more job creation. This is NOT about increasing the revenue, this is about destroying the American economy and creating a lot more welfare recipients so that Democrats like Obama, Moran, and others can maintain their power and enrich themselves. It is evil and anti american to encourage class warfare and seek revenge, but that is what Obama asked his supporters to do the night before the election. Well, democrats, you will get your just rewards as the economy tanks further and with sequestration, thousands of northern virginia democrats will be w/o a job to boot. Then maybe you will realize that elections have consequences. Until then, enjoy demonizing the productive Americans who create jobs!
Patrick December 10, 2012 at 09:19 PM
The 2 posts above got it right on! Who voted for Obama? jeeezuz. If you want to learn what is really going on with America and it's economy and treason leaders. Listen to 105.9 during the weekday or even listen to them online at www.wmal.com

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