IRS to Put an End to Its Top 400 Report
Many people believe that the nation’s wealthiest individuals already make too much money without paying their fair share of taxes. Now that billionaire Donald Trump has been elected as our country’s next president, many expect that to only get worse. However, starting next year, it will now be very difficult for anyone to really know how much of a difference Trump’s new tax policies will make to the nation’s top earners.
That’s because the IRS recently announced that it would no longer continue to release its Top 400 Report, which is an annual statistical report of the top 400 taxpayers in the country, according to adjusted gross income. This year’s report, which for now will be the last, showed just how hard the current president’s tax hikes have hit the wealthiest taxpayers over the past several years.
In 2012, the top 400 paid an effective tax rate of 16.72 percent on average adjusted gross income of $226 million. Compare that to 2014 when the same group paid an effective federal tax rate of 23.13 percent on AGI averaging $318 million. If Trump’s tax proposals are put into law then the top 400 are likely to see their effective tax rate go back down again, but now that the IRS will no longer be releasing this report, there is no way to know by exactly how much.
http://www.forbes.com/sites/janetnovack/2016/12/01/how-much-will-trump-cut-taxes-for-top-400-well-never-know-as-irs-ends-400-report/#1acdd9db1795
What’s the Difference Between Tax Avoidance vs. Tax Evasion?
“I love paying taxes!” said no one ever! The truth is given a choice everyone would most likely keep their hard earned money rather than give it to the government. Unfortunately, taxes are a part of life and almost no one is exempt. However, figuring out how to pay fewer taxes is practically a national…
Yacht Owners Feeling the Tax Pinch in French Riviera
Yacht Owners Feeling the Tax Pinch in French Riviera The French Riviera is one of the most popular waterways in the world for high net worth individuals. Luxurious yachts dot the docks up and down these waterways, as some of the world’ wealthiest enjoy spending time basking in the sun. However, all is not perfect…
Do Canadians Get Their Money’s Worth With Taxes?
Do Canadians Get Their Money’s Worth With Taxes? For those in the U.S. who oppose high taxes the truth is compared to some other countries, most Americans don’t have it too bad. In fact, when compared with the other 34 countries that make up the Organization for Economic Cooperation and Development (OECD), the U.S. comes…
The Fight for Tax Reform Will Be Long and Arduous
Is it starting to feel like the process to simply put up a new stop sign in the Nation’s Capitol would take an act of Congress? These days nothing is simple in Washington and when it comes to tax reform the battle will be anything but easy. When President Trump took office it was widely…