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.
Venture Capital and Entrepreneurs | Dixon Doll
About Dixon Doll For more than 35 years, Dixon Doll has influenced and guided entrepreneurs, investors and executives in the computer and communications industries. In recognition of his accomplishments in venture capital, Dixon received the 2013 Special Achievement Award from the International Business Forum. Dixon was also named by Forbes Magazine as one of…
Inside Wall Street | Tim Sanchez
About Tim Sanchez Tim Sanchez grew up in Oakland, CA. He attended the University of San Francisco where he completed his undergraduate degree in Information Systems Management and dual MBA’s from the Haas School of Business at the University of California at Berkeley and the Columbia University Graduate School of Business. Tim has worked…
Community Leadership – Dave Smith, Former Newark Mayor
About Dave Smith Dave Smith grew up in humble circumstances in Michigan. He attended Michigan Tech University and upon graduating college he wound up in the plastics business as an industrial engineer which brought him out to California. In California he quickly became acquainted with the Jaycee’s organization which focused on community service and…
The Future of Venture Capital | Chris DiGiorgio
About Chris DiGiorgio Christopher DiGiorgio is an Executive Research Fellow (emeritus) at the Accenture Institute for High Performance. Before joining the Institute he had responsibility for Accenture’s overall practice in the Bay Area as the Managing Director with over 2300 professionals. Chris also previously led our High Tech practice in the Silicon Valley and lead…