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
California Voters Appear to Favor Higher Taxes for the Wealthy
It’s no secret that California has one of the highest tax rates in the country, especially when it comes to the wealthiest taxpayers. So it wasn’t much of a surprise when back in 2012 residents voted in favor of Prop. 30, which installed a temporary income tax hike on the wealthy. Now fast-forward to…
Trump vs. Clinton and the Tax Plans We Could End Up With
If someone asked you to explain the differences between the two presidential candidates’ tax plans would you be able give a clear explanation? If you answered “no” most likely you aren’t alone. It’s not uncommon during a presidential election for most voters to be confused at what the candidates are actually promising or proposing.…
Federal Tax Collection Up, Along With Federal Debt
Which presidential candidate has the better tax plan? When will Donald Trump, if ever, release his tax returns? How would Hilary Clinton’s plan for corporate taxes and the estate tax affect the business world and the wealthy? The questions go on and on. It’s tough to always get straight answers as the candidates and…
Which Taxes Do Taxpayers Hate the Most?
Which Taxes Do Taxpayers Hate the Most? How many different taxes can you think of? Chances are there are too many for the average person to count. While not all taxes are the same, for the most part people don’t enjoy handing over their money to the government for any reason. So, of all the…