Only The Rich Will Be Taxed

From FoxNews:
A preliminary report obtained by Fox News shows that several tax increases would hit hard if Congress does nothing to minimize the damage before Dec. 31.
The study found that raising just the lowest income tax rate from 10 percent to 15 percent would cost 88 million taxpayers an average of $503 next year.
Lowering the child tax credit from $1,000 to $500 per child would cost 31 million families an average of $1,033 in 2011; the reinstatement of the so-called marriage penalty, a peculiarity in the tax code that forces some married couples to pay more for income tax than they would if they were single, would cost 35 million couples an average of $595 each, according to the preliminary numbers.
Those changes are among a slew of tax increases that are scheduled to go into effect if Washington does not act. Income tax rates will rise for almost every bracket, with the bottom rate going from 10 to 15 percent and the top rate going from 35 percent to 39.6 percent. Dividends and capital gains taxes also are expected to rise.