King's INCOME TAX PLAN

[King]

I noticed some people in the NASO campaign thread asking for details about the NASO tax plan.  I decided it would be good for me to make my own plan, with ACTUAL figures.  So I came up with this:


PROPOSAL: Income Tax Rates by King for Senate, Inc.

The federal income tax rates for single filers in 2005 would be:

   i. Up to $7,150: 7%
   ii. $7,151-$29,050:  13%
   iii. $29,051-$70,350: 24%
   iv. $70,351-$146,750: 28%
   v. $146,751-$319,100: 35%
   vi.  $319,101 or more: 37%

The federal income tax rates for those married filing jointly or qualifying widow/widower filers in 2005 would be:

   i. Up to $14,300: 7%
   ii. $14,301 - $58,100: 13%
   iii. $58,101 - $117,250: 24%
   iv. $117,251 - $178,650: 28%
   v. $178,651 - $319,100: 35%
   vi.  $319,101 or more: 37%

The federal income tax rates for those married filing separately in 2005 would be:

   i. Up to $7,150: 7%
   ii. $7,151 - $29,050: 13%
   iii. $29,051 - $58,625: 24%
   iv. $58,626 - $89,325: 28%
   v. $89,326 - $159,550: 35%
   vi.  $159,551 or more: 37%

The federal income tax rates for those filing as head of the household in 2005 would be:

   i. Up to $10,200: 7%
   ii. $10,201 - $38,900: 13%
   iii. $38,901 - $100,500: 24%
   iv. $100,501 - $162,700: 28%
   v. $162,701 - $319,100: 35%
   vi.  $319,101 or more: 37%