Looking up some info of whats on the books now for 2013.
Income tax increase across the board:
10% catagory goes to 15%
25% to 28%
28% to 31%
33% to 36%
35% to 39.6%
Marriage penalty narrows tax bracket for married couples.
Child tax credit goes from $1000 to $500
Current Death Tax 35% 5 mill cap single 10 mill cap married. 2013 it is 55% on estates over 1 mill. (land assests everything) Meaning lots of family farms, businesses, etc all get popped when the current owner dies.
Capital gains tax goes from 15% to 23.8% in 2013. Top dividends goes from 15% to 43.4%
Medical device tax added, 2.3% on gross sales regardless if the company made a profit or not. (This one will be passed on to the consumer of the medical device....I.E. the patient who needed the device.)
Medicare payroll tax is currently 2.9%, 2013 it goes up to 3.8% on all wages over 200,000
Medical itemized deductions now is 7.5% of adjusted gross income, 2013 it goes to 10% on AGI. (I read this to mean on anything that is deductable such as diabetes supplies, blood testers and anything currently deductable)
Part of the education and teacher section will change to no longer allow teachers to deduct classroom supplies that they by for their classrooms.
Student loan rules have been changed to dissallow interest deductions on many of them. (The number I saw was in the "Hundreds of thousands" families will be caught by this one.
These are not taxes IF somebody gets elected, these are taxes that are already on the books for 2013 and WILL be in effect if somebody does not repeal them. Some are from the expiration of the bush tax cuts and some are new ones added by the Obama administration included in Obamacare etc. In effect they are all tax increases by Obama either through letting the bush cuts expire or new ones added.
This is not a complete list of changes that I saw in the tax code but these are the ones that at a quick rundown will effect a whole lot more people than just the "Millionares and Billionares"
Don't take my word for it, talk to your tax guy or go down and grab a copy of the 2013 info.
**Discuss**
Income tax increase across the board:
10% catagory goes to 15%
25% to 28%
28% to 31%
33% to 36%
35% to 39.6%
Marriage penalty narrows tax bracket for married couples.
Child tax credit goes from $1000 to $500
Current Death Tax 35% 5 mill cap single 10 mill cap married. 2013 it is 55% on estates over 1 mill. (land assests everything) Meaning lots of family farms, businesses, etc all get popped when the current owner dies.
Capital gains tax goes from 15% to 23.8% in 2013. Top dividends goes from 15% to 43.4%
Medical device tax added, 2.3% on gross sales regardless if the company made a profit or not. (This one will be passed on to the consumer of the medical device....I.E. the patient who needed the device.)
Medicare payroll tax is currently 2.9%, 2013 it goes up to 3.8% on all wages over 200,000
Medical itemized deductions now is 7.5% of adjusted gross income, 2013 it goes to 10% on AGI. (I read this to mean on anything that is deductable such as diabetes supplies, blood testers and anything currently deductable)
Part of the education and teacher section will change to no longer allow teachers to deduct classroom supplies that they by for their classrooms.
Student loan rules have been changed to dissallow interest deductions on many of them. (The number I saw was in the "Hundreds of thousands" families will be caught by this one.
These are not taxes IF somebody gets elected, these are taxes that are already on the books for 2013 and WILL be in effect if somebody does not repeal them. Some are from the expiration of the bush tax cuts and some are new ones added by the Obama administration included in Obamacare etc. In effect they are all tax increases by Obama either through letting the bush cuts expire or new ones added.
This is not a complete list of changes that I saw in the tax code but these are the ones that at a quick rundown will effect a whole lot more people than just the "Millionares and Billionares"
Don't take my word for it, talk to your tax guy or go down and grab a copy of the 2013 info.
**Discuss**
