How Will the New President Change Taxes for the Wealthy?
So which side are you on? Trump, Cruz, Clinton, Sanders, a write-in candidate, or are you still hoping for an optional third-party independent candidate? The fact is, when it comes to taxes, no matter which candidate you vote for, things will likely be changing for the nation’s wealthiest taxpayers in 2017. Whether or not you see those changes as positive or negative depends on which side you fall on.
The Tax Policy Center has released some interesting numbers that give a good picture of how the wealthy will be affected based on who is elected as our country’s next president. The general picture is that if a democrat candidate is chosen then the tax system would become more progressive and the wealthy would be hit harder. On the flip side, if a republican wins the nomination then revenue would be cut and the tax system would take on a more regressive approach.
Here is how the top candidates’ plans would affect the wealthy:
- Bernie Sanders – households that fall into the top 0.1 percent would see an increase of more than $3 million in taxes on average in 2017.
- Hillary Clinton – households in the same income level would pay an additional $500,000 more.
- Ted Cruz – households in the top 0.1 percent would see taxes cut by $2 million.
- Donald Trump – households in the highest income level would see taxes cut by $1.3 million.
Whoever the country elects as its next commander in chief, the majority of taxpayers will be affected one way or another. If you count yourself among the nation’s wealthiest, then you will feel that change even more, for better or for worse.
Deductible Business Expenses
Deductible Business Expenses Business expenses are the cost of carrying on a trade or business. These expenses are usually deductible if the business is operated to make a profit. What Can I Deduct? To be deductible, a business expense must be both ordinary and necessary. An ordinary expense is one that is common and accepted…
Setting Personal Goals at Home and at Work
Should you be setting personal goals at home and at work? Do you find yourself drifting every now and then, going from day to day, just not achieving very much? If the answer’s yes, don’t worry!…you’re not unusual. But a lot of people do find it hard to get out the trap. They know they could…
Federal Government Takes in Record Tax Haul in 2014
Federal Government Takes in Record Tax Haul in 2014 Three trillion dollars is a lot of money. Just imagine what you could do with $3 trillion. The possibilities are practically limitless. Of course no one is worth $3 trillion, individually. However, the United States Federal Government recently reported that for the 2014 fiscal year it…
Do You Need to File a Federal Income Tax Return
Many people will file a 2013 Federal income tax return even though the income on the return was below the filing requirement. The questions below will help you determine if you need to file a Federal Income Tax return or if you need to stop your withholding so you will not have to file an…