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DELOITTE & TOUCHE: THREE PERCENT OF TAXPAYERS WOULD PAY FOR ALL INCREASES UNDER CLINTON PLAN

-- When Adjusted Gross Income Reaches $150,000, Tax Rate Climbs By $218
 For Married Couples Filing Jointly With Two Dependents --
 WASHINGTON, Feb. 17 /PRNewswire/ -- Based on information released by the White House this evening, Deloitte & Touche has calculated that under President Clinton's tax proposals, once a married couple's adjusted gross income (AGI) reaches $150,000 (for couples filing jointly), their total tax liability will increase as estimated $218 per year. This assumes the couple claims two dependents, one spouse earns all of the income and the couple makes use of a representative level of itemized deductions -- in this case, $29,725.
 As income increases, the tax increase becomes more dramatic. For those with an adjusted gross income of $2 million, for example, the tax liability will increase by $137,646 with representative levels of itemized deductions for taxpayers in this category.
 At an adjusted gross income of $250,000, the annual tax burden for a married couple filing jointly will increase by $5,630 -- rising from a current tax burden of $66,024 to $71,653, according to Clinton Stretch, director of tax legislative affairs, and Randall Weiss, director of tax economics, in the Washington office of Deloitte & Touche.
 Initial calculations based on the White House information prior to the President's State of the Union Address shows the following impact for married couples filing jointly:
 AGI Present Tax Proposed Tax Change
 $100,000 $19,811 $19,811 0
 $150,000 $32,428 $32,646 $218
 $200,000 $50,888 $53,352 $2,463
 $250,000 $66,024 $71,653 $5,463
 $500,000 $136,748 $163,877 $27,129
 $1 million $227,904 $287,251 $59,347
 $2 million $458,759 $596,406 $137,646
 "The variety of high-income taxpayer increases proposed by the Clinton Administration would result in fewer than 3 percent of all taxpayers paying for all of the proposed increases," Stretch said.
 "With respect to capital gains, President Clinton has not imposed his high-income taxpayer surcharge. As a result, ordinary high-income taxpayers will enjoy the equivalent of a 22 percent capital gains exclusion while very high-income taxpayers will enjoy the equivalent of a 29 percent exclusion."
 Deloitte & Touche provides accounting and auditing, tax and management consulting services through 15,300 people in more than 100 U.S. cities. Deloitte & Touche is part of Deloitte Touche Tohmatsu International, a global leader on professional services with 56,000 people in office in 108 countries.
 -0- 2/17/93
 /CONTACT: Deborah Aiken, 202-879-4965 or 703-527-1067, Clinton Stretch, 202-879-4935 or 703-534-7534, or Randall Weiss, 202-879-4915 or 202-363-3791, all of Deloitte & Touche/


CO: Deloitte & Touche ST: District of Columbia IN: FIN SU:

TM -- NY119 -- 7614 02/17/93 20:39 EST
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Publication:PR Newswire
Date:Feb 17, 1993
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