Tag Archives: Tax rate

Income Tax Considerations And Changes

Politicians across the country debate about ways to fund worthwhile programs, and the new mayor of New York City has received considerable attention regarding his proposed agenda. Mayor de Blasio has outlined a progressive agenda aimed at funding afterschool and early education programs, and his approach pushes for higher tax rates for wealthy individuals. You may have a lot of tax questions regardless of your income level, but using Turbo Tax 2013 may help you make sense of current and future tax scenarios.

Bill de Blasio

Bill de Blasio (Photo credit: Kevdiaphoto)

Mayor de Blasio would like to impose a tax increase on … Read more at 2011 Taxes.

2012 Taxes And The Proposed Tax Rates

The President Plans to Double Tax Rates for the Wealthy

President Obama is planning to tax income from capital gains as ordinary income. This will increase the top tax rate to 39.6 percent. These changes are meant to raise taxes of up to 1.4 trillion from top earners over the next decade.

Couples earning more than 200,000 annually will be required to treat income from dividends as ordinary income. According to the president, this would raise 206.4 billion dollars over the next decade.

According to Gene Sperling, the country cannot afford to lose 206.4 billion dollars on its revenueRead more at 2011 Taxes.

Effective Tax Rate And 2010 Taxes What Is Real And What Is A Political Puzzle

Mitt Romney‘s 2012 taxes have been subject to extensive scrutiny and he has been cast a one of the wealthy elite. The truth is percentage wise he pays more in taxes than most American households, which is an effective tax rate.

The average middle class household may be taxed at thirty-five percent, but with deductions and other tax exemptions, a family making between fifty to seventy-five thousand dollars may only pay around six percent. Many families owe no taxes or pay extremely low taxes. Conversely, the tax rates for people making over one-million dollars per year is approximately … Read more at 2011 Taxes.