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
AI-Powered Leadership

Transform Your Leadership: Ultimate Guide to AI-Powered Leadership

Artificial Intelligence has transcended its role as a technological advancement to become a strategic asset in the executive toolkit through AI-Powered Leadership. With the advent of machine learning, natural language processing, and data analytics, AI enables leaders to make more informed, data-driven decisions. The integration of AI-Powered Leadership practices signifies a paradigm shift in how…

Ethos, AI, and Internet Governance with Fadi Chehadé

Ethos, AI, and Internet Governance with Fadi Chehadé

Fadi Chehadé, Founder & Managing Partner Ethos Capital LLC, former ICANN CEO & Sr. Advisor to World Economic Forum‘s Executive Chairman, discusses AI, internet governess power, and Ethos on Alan Olsen‘s American Dreams Show.   This week on American Dreams, we sit down with Fadi Chehadé as he shares his journey from starting as a church custodian in LA to…

Unlocking Leadership and Global Insights with Lew Cramer

Unlocking Leadership and Global Insights with Lew Cramer

Lew Cramer, CEO of Colliers International, former White House Fellow and Director General of the U.S. and Foreign Commercial Service, discusses unlocking leadership and global insights on Alan Olsen‘s American Dreams Show. Leadership and Global Insights In today’s fast-paced world, where global connections and leadership are more critical than ever, learning from seasoned professionals like Lew Cramer can…

Chester Wooley on Where Philanthropy and Venture Capital Meet

Geoff “Chester” Wooley, Co-founder Patamar Capital and current board member of SKS Microfinance, India’s largest microfinance bank, discusses where philanthropy and venture capital meet on Alan Olsen‘s American Dreams Show. Transcript:   Geoff Woolley  0:00   Philanthropy and a family office’s investing is quite separate from each other. Depending on the size of the family office, its foundation or…