Could Some Wealthy Taxpayers Pay More Taxes With Trump?
![shutterstock_546595351 shutterstock_546595351](https://groco.com/wp-content/uploads/2021/02/shutterstock_546595351.jpg)
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
Chris Maxson Ignites Fireplace Innovation
Chris Maxson, owner of Acucraft Fireplace Systems and Managing Partner, Maxson family’s business ventures discusses igniting innovation in the fireplace industry with Alan Olsen. Below are some of the key aspects of Chris Maxson’s influence on the fireplace industry and his unique approach with Acucraft Fireplace Systems. They indicate the rich legacy and innovation themes discussed.…
14 Best Accounting Jokes and Financial Humor
The Best Accounting Jokes for Financial Experts in 8 Laughs & Ledgers: Welcome to the lighter side of accounting! Yes, you read that right. While debits, credits, and balance sheets are serious business, who says accountants can’t have a sense of humor? Today, we’re diving into the funniest accounting jokes that even your auditor can’t…
Navigating High Stakes: Carson Holmquist’s Journey in Innovative Logistics
Today, American Dreams host, Alan Olsen, sits down with Carson Holmquist, Co-Founder, Stream Logistics to discuss innovation and navigating high stakes. Transcript: Alan Olsen: Hi, this is Alan Olsen and welcome to American Dreams. My guest today is Carson, Holmquist. Carson. Welcome to today’s show. Carson Holmquist: Thanks, Alan. So, so, so grateful to be…