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
The Most Valuable Coins in the U.S.
The Most Valuable Coins in the U.S. Are you a coin collector? Maybe you’re looking for a new hobby and valuable coins sounds like it could be right up your alley. Some collectors do it simply for a hobby, while others collect with a goal to make money. Whatever the reason, any coin collector can…
Best Amusement Parks to Visit This Fall
Best Amusement Parks to Visit This Fall Summer is over and vacation season has come to an end, but that doesn’t mean you won’t have any future opportunities for a getaway this fall. There are some great places you can visit if you’re looking for a little break from the ordinary this fall, including numerous…
Top Diets for 2017
Top Diets for 2017 What’s the best diet plan in the world? The answer to that question all depends on whom you ask. Perhaps the real question is do diets even work at all? There are countless studies that say otherwise. However, in reality, we all have a diet. Even if your diet consists of…
Top Golf Competitions for Fall 2017
Top Golf Competitions for Fall 2017 The golf season is winding down in many parts of the country. If you live in a sunny part of the country, like Hawaii, Arizona or California, then you can keep playing year-round. Of course, for those diehard hackers that can never get enough time on the links a…