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
Where Do Most Americans Fall With Proposed Tax Reform?
Where Do Most Americans Fall With Proposed Tax Reform? Tax reform is coming. At least that’s what we’ve been led to believe for the better part of a year now. Ever since Donald Trump won the election last November, most of the nation has been expecting tax reform. Here we are a year later and…
What’s the Biggest Mistake By People Who Work a Side Job?
What’s the Biggest Mistake By People Who Work a Side Job? Everyone wants to make more money. For many that mean picking up a side job to earn a little more cash. There are literally hundreds of side jobs out there but most are only good for a few extra dollars. However, there is a…
Senate’s Tax Bill Would Raise Taxes on Stock Sales
Senate’s Tax Bill Would Raise Taxes on Stock Sales Capital gains have long been a controversy when it comes to taxes. Many high net worth individuals use capital gains to make the majority of their money. Because the tax rate on gains from stock sales are much lower than taxes on personal income, this is…
Five Helpful Tips to Be More Productive and Organized
Five Helpful Tips to Be More Productive and Organized You want to be more organized, right? Most people do. However, there are certain things you need to do in order to get more organized and become more productive. The problem is, many people spend way too much time on tasks of little or no consequence.…