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
Seattle’s High-Earner Tax Facing Opposition in Court
Seattle’s High-Earner Tax Facing Opposition in Court There are only seven states in the U.S. that don’t charge income tax, and Washington State is one of them. However, that all changed earlier this year, for some taxpayers in the state, when lawmakers in Seattle created what amounts to being an income tax on the wealthy.…
Treasury Secretary Claims Only Millionaires Will See Higher Taxes
Treasury Secretary Claims Only Millionaires Will See Higher Taxes Now that the House has released its tax reform bill and passed it, the ongoing war of words is really ramping up. Of course, opposing sides both have a lot to say regarding how the bill will affect taxpayers, including which taxpayers it will benefit and…
Personal Details You Should Never Share at Work
Personal Details You Should Never Share at Work Have you ever been around a person that feels like he or she needs to tell you everything about his or herself? You know, the kind of person that reveals way too much information. We all have many sides to our lives and our personalities. Sharing those…
What Does it Mean to be a Leader in the Age of A.I.? -Part 1
What Does it Mean to be a Leader in the Age of A.I.? -Part 1 With the advent of artificial intelligence (A.I.) and machine learning, it’s time to re-evaluate how we hire, train and lead our employees. The ability to do a job faster or cheaper will no longer be what sets an organization apart…