More Proof the Wealthy Are Paying More Taxes

Depending on whom you ask, the wealthiest Americans either don’t pay enough in taxes and should be forced to pay more, or they pay way too much already and should be given a break. As with most cases, there are three sides to every story: yours, mine, and the truth.

According to the Tax Foundation, there is a lot of evidence that the wealthy are indeed already paying a lot more in taxes. According to the Tax Foundation, 2013 was a big year for tax hikes aimed at the wealthy. Not only was a new 39.6 percent tax bracket created but also the top rate on capital gains was raised to 20 percent. It didn’t stop there, either. The Affordable Care Act’s new 3.8 percent Net Investment Income Tax also went into affect.

So just how big of an impact have all these changes had on high-income earners in the country. For starters, those with yearly incomes of more than $500,000 saw their effective income tax rates soar from one year to the next. Those making between $1 and $2 million jumped from 24.2 percent to 28.6 percent from 2013 to 2014.

Meanwhile, for those who made more than $10 million experienced a jump from 19.8 percent to 26.1 percent. That equals a tax hike of more than 1.5 million. The numbers don’t lie and these numbers show that high-income earners have definitely experienced an increase in taxes recently. If you want to keep your taxes down, then contact GROCO to find out how. Click here or call us at 1-877-CPA-2006.

Posted in
Clayton Lewis

Why Scientific Wellness will be more Important than Healthcare | Clayton Lewis

  About Clayton Lewis A competitive triathlete with a passion for health and wellness, Clayton Lewis loves to win and push the boundaries of what’s possible. In 2013, he partnered with biotech pioneer Dr. Lee Hood to execute Hood’s bold vision to launch a new industry – scientific wellness. That collaboration resulted in the formation…

Summer Anderson

Up Your Executive Recruiting | Summer Anderson

  About Summer Anderson Summer Anderson is the Principal and founder of Human Capital Solutions (HCS). A firm dedicated to executive recruiting with specialization recruiting upper management for growth-oriented companies in the technology industry. Summer has over twenty years of experience in shaping retained executive level recruiting strategies. Prior to founding HCR, she worked at…

Balancing Life | Prasad Kaipa

Balancing Life | Prasad Kaipa

  About Prasad Kaipa Prasad has been an advisor and coach focusing on innovation and leadership since 1990 for about 120 C-level executives in Global Fortune 500 companies. Prasad’s unique competence is in helping his clients find their next significant step and take it. He found that unless he helps clients to examine their signature…

Ryan Evans

Inboard – Disrupting Urban Transportation | Ryan Evans

  About Ryan Evans Ryan Evans is the CEO and Co-founder of Inboard Technology. Ryan has always liked being outside, action sports, and business. When the opportunity to came to start Inboard, he jumped at the chance to build his career on these three passions. Ryan and his friend, Theo Cerboneschi, founded Inboard Technology in…