Could Some Wealthy Taxpayers Pay More Taxes With Trump?

shutterstock_546595351

 

Are you ready for some new tax policies under President-Elect Donald Trump? Ready or not, there are likely going to be big changes to the nation’s tax system when Trump takes office this month. All the talk since the election began has been about Trump’s tax cuts helping the rich get richer.

While it’s true that many of the country’s top earners will benefit from Trump’s proposed tax changes, not all of the wealthy stand to benefit. In fact, there are some that could actually see their taxes increase under Trump’s plan.

So who are these unlucky individuals? Well, it turns out that several taxpayers that once fell into the 28 percent tax bracket would now end up in the highest tax bracket under Trump’s three-bracket plan. That means these families and individuals would see their tax rate increase to 33 percent.

So how much do you have to make to end up in the highest bracket? If you are an individual that makes between $112,500 and $190,150 in gross income, or you are married or filing jointly and make between $225,000 and $231,450 in gross income then you would be subject to the new higher rate.

For example, if you make $225,000 your tax bill would be $63,000 at a rate of 28 percent. With a 33 percent tax rate your bill would jump to $74,250. That’s a significant increase. So while many of the nation’s top earners will see a decrease in taxes, there are several wealthy taxpayers who will actually pay more under Trump.

http://www.marketwatch.com/story/the-wealthy-americans-who-may-pay-more-taxes-under-trump-2016-12-29

Posted in
Top Ski Resorts in the U.S.

Top Ski Resorts in the U.S.

Are you looking for the top ski resorts in the U.S.?  December is not just about Christmas. It’s also when the ski season really picks up and kicks into full gear. Depending on where you live, you might get some opportunities to hit the slopes in November, but for the most part the good runs…

Top Christmas Presents for 2017

Top Christmas Presents for 2017

Top Christmas Presents for 2017 Are you still looking for that perfect gift for Christmas this year? Have someone on your list that’s impossible to shop for? There is no end to the number of gifts you could purchase, so what are you supposed to do? With endless choices, you might feel a little overwhelmed. But…

These Are the Fastest Growing Cities in the U.S.

These Are the Fastest Growing Cities in the U.S.

These are the fastest growing cities in the U.S. and they are not always the biggest cities in the country. Los Angeles, New York, Philadelphia, Chicago and San Francisco are not only large, but also very famous. However, when it comes to growth there are many other cities both large and small that are growing…

Top 10 Golf Courses in the World

Top 10 Golf Courses in the World

Top 10 Golf Courses in the World 1. St Andrews (Old Course) Taking home the prize for the best golf course in the world is St. Andrews in Scotland. This storied course holds the record for hosting the most Open Championships, with 29. The course has practically been around since the game itself, being built…