Could Some Wealthy Taxpayers Pay More Taxes With Trump?
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
Testimonials
Testimonials Over the years, the partners and staff at GROCO® have earned the appreciation and respect of their clients. This has been achieved through hard work, expertise, and a dedication to excellent service. Read the following testimonials to see how GROCO® has succeeded in not only meeting but surpassing client expectations. Do you a have…
A Mortgage Refinance with Bad Credit – The Pros and Cons
A Mortgage Refinance with Bad Credit – The Pros and Cons To many, the term ‘bad credit’ is the end of the world when it comes to getting financing in the near future. However, it doesn’t always have to be like that, you can take the bad credit mortgage refinance option! Mortgage refinance vs. equity…
Deducting Job Search Expenses
Deducting Job Search Expenses If you or someone in your family is looking for a new job, you should be aware of the income tax deduction that may be available with respect to job-search costs. Qualifying expenses are deductible even if they don’t result in a new position being offered or accepted. What are job…
Investing in India: Big Splashes and Little Drops
Investing in India: Big Splashes and Little Drops By Elizabeth Bowden-David Last week at our breakfast table here in India, the local business newspaper offered a back-to-back pair of attention-grabbing headlines. First, the homegrown e-retailer Flipkart announced that it had secured $1 billion in fresh capital to support its expansion strategy. The very next day,…