A short presentation on why cutting the tax rate on pass-through income is misguided and that further explains the issues raised in the Oregon Center for Public Policy's (OCPP) issue brief A GRANDLY FLAWED BARGAIN available at www.ocpp.org.
This document contains information about state and federal tax rates for 2015, items needed to file a tax return, filing dates, and important links. State tax rates in 2015 ranged from 4% to 8.82% depending on income level, while federal tax rates ranged from 10% to 39.6%. To file a return, one needs identification, social security cards, W-2s, interest/unemployment documents. Tax returns for 2015 could be filed between January 20, 2016 and April 18, 2016. Important links provided are for the IRS, New York tax website, and refund tracker.
GAMABrief: Preparing for the Capital Gains Tax HikeChristina Gagnier
Tax season is just around the corner and changes to the capital gains tax rates will affect taxpayers filing their returns at the beginning of 2014. If you sold capital assets during 2013, you might be subject to the increased rates. This brief provides important information on preparing for the capital gains tax hike.
Capital gains tax is the tax on capital asset profits—the profit made from selling an item bought for personal investment. On January 1, 2013, the government passed the American Taxpayer Relief Act of 2012 (ATRA). The ATRA added a top federal income bracket of 39.6% and increased the long-term capital gains tax rate to 20% starting in the 2013 tax year.
This document discusses a graduated income tax plan proposed for Michigan that would cut taxes for 95% of state residents. Key points:
- The plan would establish a graduated income tax scale to make everyone pay an equal share of taxes based on their income, rather than high-income individuals paying a smaller share.
- Under the plan, a family making $80,000 would save $600 per year in taxes, an 18% cut. More than 4.4 million filers would receive an $830 million total tax cut.
- 89% of business owners would receive a tax cut as well. The plan aims to stimulate economic growth and help small business owners.
- A family making $50,
Capitol Hill Campus: Tax Reform: Simplification is Good PolicyMercatus Center
This document discusses the benefits of simplifying the US tax code. It contains several charts showing how federal tax revenues have remained steady even as tax rates have declined, suggesting lower rates may not reduce revenues. Simplification would reduce compliance costs estimated at $600 billion annually. Complexity also allows special interests to obscure their influence and turns honest citizens into inadvertent lawbreakers. Overall, simplification is good policy according to the author.
This document summarizes estimates by the Tax Policy Center of the tax plans proposed by four Republican presidential candidates - Romney, Santorum, Gingrich, and Obama. It finds that Romney's plan would lose the most revenue ($902.5 billion) compared to current policy, while Obama's plan would increase revenue by $168.4 billion. All the Republican plans would cut taxes for higher income groups and raise taxes on the lowest income groups compared to current policy. The estimates do not account for any behavioral responses to the proposed tax changes.
Massive changes to the US tax code are set to take effect in 2013 unless Congress acts. Key changes include: 1) a new 3.8% Medicare tax on investment income for high earners; 2) a new 0.9% Medicare tax on earned income for high earners; 3) a higher 10% floor for medical expense deductions. Other changes impact capital gains tax rates, ordinary income tax rates, dividend tax rates, AMT, payroll taxes, depreciation rules, and estate/gift taxes. The changes mean higher taxes for many individuals and businesses.
This document provides tax rate tables and limits for the 2014 and 2015 tax years. It includes income tax rates for single, head of household, trusts/estates, married filing jointly, and married filing separately filers. It also includes payroll tax rates for Social Security and Medicare. Additionally, it summarizes alternative minimum tax rates and exemptions, kiddie tax rules, corporate tax rates, taxation of Social Security benefits, and standard deduction amounts.
The Gaming and Decline of Oregon Corporate TaxesOCPP
The document summarizes findings about the decline of corporate taxes in Oregon over time. It states that corporate income taxes made up 0.61% of the state's economy in 1975-1977 but only 0.27% in 2013-2015. Several factors have contributed to this decline, including the growth of tax loopholes and subsidies, aggressive tax sheltering, and the rise of new corporate forms exempt from corporate income taxes. Property taxes paid by businesses have also fallen sharply in Oregon since the 1980s. The document concludes that raising corporate taxes, closing loopholes and subsidies, and enacting corporate tax disclosure are needed to address the declining share of taxes paid by corporations.
This document contains information about state and federal tax rates for 2015, items needed to file a tax return, filing dates, and important links. State tax rates in 2015 ranged from 4% to 8.82% depending on income level, while federal tax rates ranged from 10% to 39.6%. To file a return, one needs identification, social security cards, W-2s, interest/unemployment documents. Tax returns for 2015 could be filed between January 20, 2016 and April 18, 2016. Important links provided are for the IRS, New York tax website, and refund tracker.
GAMABrief: Preparing for the Capital Gains Tax HikeChristina Gagnier
Tax season is just around the corner and changes to the capital gains tax rates will affect taxpayers filing their returns at the beginning of 2014. If you sold capital assets during 2013, you might be subject to the increased rates. This brief provides important information on preparing for the capital gains tax hike.
Capital gains tax is the tax on capital asset profits—the profit made from selling an item bought for personal investment. On January 1, 2013, the government passed the American Taxpayer Relief Act of 2012 (ATRA). The ATRA added a top federal income bracket of 39.6% and increased the long-term capital gains tax rate to 20% starting in the 2013 tax year.
This document discusses a graduated income tax plan proposed for Michigan that would cut taxes for 95% of state residents. Key points:
- The plan would establish a graduated income tax scale to make everyone pay an equal share of taxes based on their income, rather than high-income individuals paying a smaller share.
- Under the plan, a family making $80,000 would save $600 per year in taxes, an 18% cut. More than 4.4 million filers would receive an $830 million total tax cut.
- 89% of business owners would receive a tax cut as well. The plan aims to stimulate economic growth and help small business owners.
- A family making $50,
Capitol Hill Campus: Tax Reform: Simplification is Good PolicyMercatus Center
This document discusses the benefits of simplifying the US tax code. It contains several charts showing how federal tax revenues have remained steady even as tax rates have declined, suggesting lower rates may not reduce revenues. Simplification would reduce compliance costs estimated at $600 billion annually. Complexity also allows special interests to obscure their influence and turns honest citizens into inadvertent lawbreakers. Overall, simplification is good policy according to the author.
This document summarizes estimates by the Tax Policy Center of the tax plans proposed by four Republican presidential candidates - Romney, Santorum, Gingrich, and Obama. It finds that Romney's plan would lose the most revenue ($902.5 billion) compared to current policy, while Obama's plan would increase revenue by $168.4 billion. All the Republican plans would cut taxes for higher income groups and raise taxes on the lowest income groups compared to current policy. The estimates do not account for any behavioral responses to the proposed tax changes.
Massive changes to the US tax code are set to take effect in 2013 unless Congress acts. Key changes include: 1) a new 3.8% Medicare tax on investment income for high earners; 2) a new 0.9% Medicare tax on earned income for high earners; 3) a higher 10% floor for medical expense deductions. Other changes impact capital gains tax rates, ordinary income tax rates, dividend tax rates, AMT, payroll taxes, depreciation rules, and estate/gift taxes. The changes mean higher taxes for many individuals and businesses.
This document provides tax rate tables and limits for the 2014 and 2015 tax years. It includes income tax rates for single, head of household, trusts/estates, married filing jointly, and married filing separately filers. It also includes payroll tax rates for Social Security and Medicare. Additionally, it summarizes alternative minimum tax rates and exemptions, kiddie tax rules, corporate tax rates, taxation of Social Security benefits, and standard deduction amounts.
The Gaming and Decline of Oregon Corporate TaxesOCPP
The document summarizes findings about the decline of corporate taxes in Oregon over time. It states that corporate income taxes made up 0.61% of the state's economy in 1975-1977 but only 0.27% in 2013-2015. Several factors have contributed to this decline, including the growth of tax loopholes and subsidies, aggressive tax sheltering, and the rise of new corporate forms exempt from corporate income taxes. Property taxes paid by businesses have also fallen sharply in Oregon since the 1980s. The document concludes that raising corporate taxes, closing loopholes and subsidies, and enacting corporate tax disclosure are needed to address the declining share of taxes paid by corporations.
New York Life - pocket tax tables guide 2015-16Cristi Tenhagen
The document provides information about income tax rates, payroll tax rates, and other tax rules for 2015 and 2016. Specifically, it includes:
- Income tax rates for single filers, heads of household, trusts and estates, married filing jointly, and married filing separately based on taxable income thresholds.
- Payroll tax rates for Social Security and Medicare.
- Details about alternative minimum tax, kiddie tax, corporate tax rates, taxation of Social Security benefits, personal exemptions, standard deductions, and itemized deductions.
This document discusses different types of taxes including income taxes, sales taxes, and property taxes. It covers key concepts around taxes such as average tax rates, marginal tax rates, lump-sum taxes, and the benefits and ability-to-pay principles of taxation. Specific tax rates for personal and corporate income taxes in the US are presented. The document also discusses the concept of double taxation and incentives related to tax rates.
1. The document provides a summary of the top 10 tax tips, including reductions to the annual investment allowance and capital allowances rates, changes to company car tax rates based on emissions levels, increases to R&D tax relief rates, and changes to penalties for late self-assessment tax returns.
2. It outlines reforms to entrepreneurs' relief, the introduction of a multiple dwellings relief for stamp duty land tax, and increases to the annual ISA allowance limit.
3. The tips cover issues like salary vs. dividends, the IR35 rules around personal service companies, and income shifting between spouses.
This document summarizes strategies for charitable planning for upper-income donors to reduce taxes. It discusses using charitable remainder trusts to avoid capital gains tax when donating appreciated assets and receive a higher annual payout. It also discusses ways to reduce the 3.8% net investment income tax, such as converting investment income that isn't subject to the tax, or shifting income to family or charities not subject to the tax through gifts or charitable vehicles like donor advised funds.
The document discusses various topics related to taxes, including:
- The age group that represents the highest percentage of taxpayers in 2018 is 25-44 years old. Younger age groups have seen sharper increases in taxpayers from 2008-2018.
- There are four requirements to determine if you must file a tax return: age, filing status, dependency status, and annual gross income.
- It may be beneficial to file a tax return even if you don't meet the requirements in order to receive tax refunds from withholdings or credits you're eligible for.
- The federal government will not reach out to you if you are owed a tax refund - you need to file to receive any refund.
This document provides information about income and payroll tax rates for 2017 including:
- Federal income tax rates for single filers, heads of household, trusts and estates, married filing jointly, and married filing separately.
- Social security and Medicare payroll tax rates for employees and self-employed individuals.
- Details on the alternative minimum tax, kiddie tax rules, and taxation of social security benefits.
- Standard deduction amounts and details on allowable and non-allowable itemized deductions such as mortgage interest, state and local taxes, medical expenses, and more.
Join Commute Seattle for an informative workshop to learn how employers and commuters can take advantage of commuter benefit programs to save on federal and
state taxes, increase employee spending power, and make commuting to work more affordable, convenient and sustainable.
Learn about:
• Federal tax qualified transportation fringe benefits:
• Recent increases in transit, vanpool and parking fringe benefit spending limits
• Pre-tax accounts and ORCA business options
• Tax-free bicycle commuter benefits
• WA state business & occupation tax credits for commute trip reduction activities
• Parking cash-out programs, Zipcar for Business, Rideshare Online incentives and other taxable transportation benefits
The document discusses the top 10 most expensive tax mistakes that business owners can make, including failing to do tax planning, misunderstanding audit odds, paying too much self-employment tax, choosing the wrong retirement plan, missing opportunities for family employment and medical benefits, not claiming a home office deduction, missing car and truck expense deductions, not deducting meals and entertainment expenses, and not using tax coaching services. It provides details on how to avoid these costly mistakes.
Group 6 presented information on direct taxes in India. The group members are Snehal Nemane, Sayli Mahalle, Shruti Adyalkar, and Vrushabh Agarwal. Direct taxes are taxes paid directly by individuals and organizations to the government. Major changes in direct taxes included no changes to income tax rates but a new 4% health and education cess. Corporate tax rates were reduced to 25% for companies with turnover less than Rs. 250 crore. Long-term capital gains on equity shares and funds will be taxed at 10%.
The document discusses key aspects of the United States tax system, including:
1) It describes the major types of taxes citizens pay, including income tax, payroll tax, property tax, sales tax, and excise tax. Income and payroll taxes are the largest sources of revenue for the government.
2) It explains that the U.S. uses a progressive tax system where lower income individuals pay a lower percentage of their income in taxes compared to higher income individuals who pay a higher percentage.
3) Several factors can impact the amount of taxes individuals pay including their salary, the state they live in, and the local cost of living. These factors determine both marginal and effective tax rates.
Illinois Governor Rod Blagojevich's Gross Receipts Tax proposal would drive businesses out of Illinois, raise costs for consumers and drive yet another stake in the heart of the Illinois economy.
The Oak Park Town Hall discussed the state budget and recent legislative progress. The state budget funds education, human services, and cuts spending and pensions to save money. Recent laws passed automatic voter registration, protected abortion access, limited cooperation with immigration enforcement, expanded sealing of criminal records, and reformed school funding. The tax increase went to paying pensions and bills, and Illinois' tax rate remains competitive. Pension debt grew as contributions lagged for decades. Officials provided contact information to discuss issues.
Testimony: Mississippi Tax Policy: Options for ReformTax Foundation
This presentation accompanied testimony to the Mississippi Tax Policy Council about the state of Mississippi's tax code and the best options for reforming it.
Topics covered include an overview of Mississippi's tax system, tax rates and collections, state-local tax burdens, state business tax climate, previous state success stories, and suggestions for reform.
The presentation was given on September 1, 2016.
- 95% of residents would receive a tax cut under a proposed tax equality plan in Michigan. A family making $50,000 would save $525 per year. Their tax rate would be 3.2% versus the current 4.25%.
- The document discusses that the bottom 80% of families in Michigan pay 9.2-9.5% of their income in state and local taxes, while the wealthiest 1% pay only 5.9% due to regressive taxes.
- It proposes establishing a graduated income tax to equalize the tax burden, cutting taxes for 95% of families and asking the wealthiest to pay the same share as others.
This presentation focuses on the environment including what needs to happen in order to protect the environment as well as balance environmental policies with economic policies.
Q4 2015 is here already! Take a look at our Key Numbers for Income, Taxation and more. Weiss & Hale works with clients to help them to Plan Well, Invest Well & Live Well! Visit us at : www.weissandhale.com!
The document discusses different types of taxes and whether they are fair. It explains that Social Security tax is proportional, taking 7.45% of income up to $90,000 but nothing after that, which some argue is fair. However, this makes the tax regressive as the poor pay a higher percentage. Income tax is progressive, taking higher percentages from higher incomes. Other examples of progressive taxes include luxury, cigarette, alcohol, and inheritance taxes. Regressive taxes disproportionately impact the poor, such as gas taxes. The document asks which taxes should be raised or lowered.
Tax Reform and the Impact to your Franchise by Honkamp Krueger4 2018rhauber
The recent Tax Cuts and Jobs Act aka Tax Reform has made a significant impact on the tax situation of franchise business owners. Our slide deck provides the business tax and individual tax highlights of the Tax Cuts and Jobs Act for franchise organizations.
The document provides an overview of the 2010 healthcare reform legislation and subsequent tax law changes. It notes that the legislation was passed in two parts in 2010, containing provisions such as a small business tax credit for offering health coverage, elimination of lifetime caps on insurance, and penalties for remaining uninsured beginning in 2014. The summary also outlines numerous tax law provisions from 2010-2018 related to health savings accounts, deductions, credits, fees and more.
The document provides an overview of the changes to individual and business taxation resulting from the 2017 tax reform law. For individuals, it summarizes changes such as lower tax rates, increased standard deduction, changes to certain deductions. For businesses, it discusses expanded expensing allowances, limitations on interest expense deductions, changes to meals and entertainment deductions. It also provides details on the new 20% pass-through deduction and its limitations.
New York Life - pocket tax tables guide 2015-16Cristi Tenhagen
The document provides information about income tax rates, payroll tax rates, and other tax rules for 2015 and 2016. Specifically, it includes:
- Income tax rates for single filers, heads of household, trusts and estates, married filing jointly, and married filing separately based on taxable income thresholds.
- Payroll tax rates for Social Security and Medicare.
- Details about alternative minimum tax, kiddie tax, corporate tax rates, taxation of Social Security benefits, personal exemptions, standard deductions, and itemized deductions.
This document discusses different types of taxes including income taxes, sales taxes, and property taxes. It covers key concepts around taxes such as average tax rates, marginal tax rates, lump-sum taxes, and the benefits and ability-to-pay principles of taxation. Specific tax rates for personal and corporate income taxes in the US are presented. The document also discusses the concept of double taxation and incentives related to tax rates.
1. The document provides a summary of the top 10 tax tips, including reductions to the annual investment allowance and capital allowances rates, changes to company car tax rates based on emissions levels, increases to R&D tax relief rates, and changes to penalties for late self-assessment tax returns.
2. It outlines reforms to entrepreneurs' relief, the introduction of a multiple dwellings relief for stamp duty land tax, and increases to the annual ISA allowance limit.
3. The tips cover issues like salary vs. dividends, the IR35 rules around personal service companies, and income shifting between spouses.
This document summarizes strategies for charitable planning for upper-income donors to reduce taxes. It discusses using charitable remainder trusts to avoid capital gains tax when donating appreciated assets and receive a higher annual payout. It also discusses ways to reduce the 3.8% net investment income tax, such as converting investment income that isn't subject to the tax, or shifting income to family or charities not subject to the tax through gifts or charitable vehicles like donor advised funds.
The document discusses various topics related to taxes, including:
- The age group that represents the highest percentage of taxpayers in 2018 is 25-44 years old. Younger age groups have seen sharper increases in taxpayers from 2008-2018.
- There are four requirements to determine if you must file a tax return: age, filing status, dependency status, and annual gross income.
- It may be beneficial to file a tax return even if you don't meet the requirements in order to receive tax refunds from withholdings or credits you're eligible for.
- The federal government will not reach out to you if you are owed a tax refund - you need to file to receive any refund.
This document provides information about income and payroll tax rates for 2017 including:
- Federal income tax rates for single filers, heads of household, trusts and estates, married filing jointly, and married filing separately.
- Social security and Medicare payroll tax rates for employees and self-employed individuals.
- Details on the alternative minimum tax, kiddie tax rules, and taxation of social security benefits.
- Standard deduction amounts and details on allowable and non-allowable itemized deductions such as mortgage interest, state and local taxes, medical expenses, and more.
Join Commute Seattle for an informative workshop to learn how employers and commuters can take advantage of commuter benefit programs to save on federal and
state taxes, increase employee spending power, and make commuting to work more affordable, convenient and sustainable.
Learn about:
• Federal tax qualified transportation fringe benefits:
• Recent increases in transit, vanpool and parking fringe benefit spending limits
• Pre-tax accounts and ORCA business options
• Tax-free bicycle commuter benefits
• WA state business & occupation tax credits for commute trip reduction activities
• Parking cash-out programs, Zipcar for Business, Rideshare Online incentives and other taxable transportation benefits
The document discusses the top 10 most expensive tax mistakes that business owners can make, including failing to do tax planning, misunderstanding audit odds, paying too much self-employment tax, choosing the wrong retirement plan, missing opportunities for family employment and medical benefits, not claiming a home office deduction, missing car and truck expense deductions, not deducting meals and entertainment expenses, and not using tax coaching services. It provides details on how to avoid these costly mistakes.
Group 6 presented information on direct taxes in India. The group members are Snehal Nemane, Sayli Mahalle, Shruti Adyalkar, and Vrushabh Agarwal. Direct taxes are taxes paid directly by individuals and organizations to the government. Major changes in direct taxes included no changes to income tax rates but a new 4% health and education cess. Corporate tax rates were reduced to 25% for companies with turnover less than Rs. 250 crore. Long-term capital gains on equity shares and funds will be taxed at 10%.
The document discusses key aspects of the United States tax system, including:
1) It describes the major types of taxes citizens pay, including income tax, payroll tax, property tax, sales tax, and excise tax. Income and payroll taxes are the largest sources of revenue for the government.
2) It explains that the U.S. uses a progressive tax system where lower income individuals pay a lower percentage of their income in taxes compared to higher income individuals who pay a higher percentage.
3) Several factors can impact the amount of taxes individuals pay including their salary, the state they live in, and the local cost of living. These factors determine both marginal and effective tax rates.
Illinois Governor Rod Blagojevich's Gross Receipts Tax proposal would drive businesses out of Illinois, raise costs for consumers and drive yet another stake in the heart of the Illinois economy.
The Oak Park Town Hall discussed the state budget and recent legislative progress. The state budget funds education, human services, and cuts spending and pensions to save money. Recent laws passed automatic voter registration, protected abortion access, limited cooperation with immigration enforcement, expanded sealing of criminal records, and reformed school funding. The tax increase went to paying pensions and bills, and Illinois' tax rate remains competitive. Pension debt grew as contributions lagged for decades. Officials provided contact information to discuss issues.
Testimony: Mississippi Tax Policy: Options for ReformTax Foundation
This presentation accompanied testimony to the Mississippi Tax Policy Council about the state of Mississippi's tax code and the best options for reforming it.
Topics covered include an overview of Mississippi's tax system, tax rates and collections, state-local tax burdens, state business tax climate, previous state success stories, and suggestions for reform.
The presentation was given on September 1, 2016.
- 95% of residents would receive a tax cut under a proposed tax equality plan in Michigan. A family making $50,000 would save $525 per year. Their tax rate would be 3.2% versus the current 4.25%.
- The document discusses that the bottom 80% of families in Michigan pay 9.2-9.5% of their income in state and local taxes, while the wealthiest 1% pay only 5.9% due to regressive taxes.
- It proposes establishing a graduated income tax to equalize the tax burden, cutting taxes for 95% of families and asking the wealthiest to pay the same share as others.
This presentation focuses on the environment including what needs to happen in order to protect the environment as well as balance environmental policies with economic policies.
Q4 2015 is here already! Take a look at our Key Numbers for Income, Taxation and more. Weiss & Hale works with clients to help them to Plan Well, Invest Well & Live Well! Visit us at : www.weissandhale.com!
The document discusses different types of taxes and whether they are fair. It explains that Social Security tax is proportional, taking 7.45% of income up to $90,000 but nothing after that, which some argue is fair. However, this makes the tax regressive as the poor pay a higher percentage. Income tax is progressive, taking higher percentages from higher incomes. Other examples of progressive taxes include luxury, cigarette, alcohol, and inheritance taxes. Regressive taxes disproportionately impact the poor, such as gas taxes. The document asks which taxes should be raised or lowered.
Tax Reform and the Impact to your Franchise by Honkamp Krueger4 2018rhauber
The recent Tax Cuts and Jobs Act aka Tax Reform has made a significant impact on the tax situation of franchise business owners. Our slide deck provides the business tax and individual tax highlights of the Tax Cuts and Jobs Act for franchise organizations.
The document provides an overview of the 2010 healthcare reform legislation and subsequent tax law changes. It notes that the legislation was passed in two parts in 2010, containing provisions such as a small business tax credit for offering health coverage, elimination of lifetime caps on insurance, and penalties for remaining uninsured beginning in 2014. The summary also outlines numerous tax law provisions from 2010-2018 related to health savings accounts, deductions, credits, fees and more.
The document provides an overview of the changes to individual and business taxation resulting from the 2017 tax reform law. For individuals, it summarizes changes such as lower tax rates, increased standard deduction, changes to certain deductions. For businesses, it discusses expanded expensing allowances, limitations on interest expense deductions, changes to meals and entertainment deductions. It also provides details on the new 20% pass-through deduction and its limitations.
Filling out tax forms and finding perfect tax help is getting more complicated every year. With this flip book, I published on my website http://www.ferrettafinancialservices.com/Time-to-Get-Tax-Savvy-Managing-Your-Tax-Burden.c5889.htm . I had given some help to you.
Never too early or too late to look at ways and ideas to better manage one's tax burden. Take a look to catch yourself up on things that might fit your situation or someone you know.
The document discusses year-end tax planning strategies and provides an overview of key income tax topics such as tax rates, deductions, credits, and the tax filing process. It aims to increase knowledge of tax planning strategies and provides information on 10 year-end tax planning strategies as well as tax resources. The document also reviews income tax rates and brackets, the differences between average and marginal tax rates, deductions, credits, and how to determine tax liability when completing a federal tax return.
With the passage and implementation of the Tax Cuts and Jobs Act (TCJA), comes a lot of changes for taxpayers to wrap their heads around – but we’re up to the challenge.
Even with all the information floating around these days, it’s easy to overlook or misinterpret how the law works. Don’t worry; with this presentation, we'll provide you the important tips and insights surrounding this law.
We want to help you manage your tax activities and simplify complex tax laws. We hope you’ll find that our 2014 Quick Tax Facts guide helps you do just that. This handy guide compiles frequently changing tax information applicable to most businesses and households.
This document summarizes the 2014 tax rates and limits in the United States. It outlines the marginal tax rates and tax brackets for single, married filing jointly, head of household, and married filing separately filers. It also summarizes standard deductions, personal exemptions, capital gains tax rates, retirement plan and IRA contribution limits, education credits, Social Security benefits, Medicare premiums, and more.
The document discusses tax and estate planning strategies. It notes that proper annual attention to tax issues and a well-executed estate plan can significantly impact one's quality of life. Several tax law changes from the Affordable Care Act are highlighted, including a new 3.8% Medicare tax on investment income over $200k/$250k and increased capital gains and dividend tax rates of up to 20% for those over $400k/$450k. Estate and gift tax exclusions will remain at $5.25 million individually and $10.5 million jointly. The maximum estate, gift, and generation-skipping tax rates are now 40%.
Hanrick Curran is delighted to share with you the highlights from their Pre Financial Year End and Post Federal Budget Update Event. Our straight talking presenters explain how the Government will use the 2015 Federal Budget to address Australia’s growing budget challenge. They highlight key points of interest for business owners and professionals, then recap on the Pre Financial Year End initiatives that can be considered during the tax planning season
Thanks to Ulster Savings Bank for hosting this event, guest speaker Jonathan Gudema of Planned Giving Advisors and to all of our participants for joining us to learn more about the impact of the new tax law on charitable giving.
This document provides a summary of 3 key points:
1. It outlines taxation rates for residents and non-residents, including personal tax rates, Medicare levy rates, fringe benefits tax rates, and capital gains tax rates.
2. It discusses superannuation contribution caps and rules, including concessional and non-concessional contribution caps, work test requirements for accepting contributions, and the superannuation guarantee contribution rate.
3. It provides an overview of social security information, including age pension rates, life tables for Australia, and eligibility thresholds for seniors and pensioner tax offsets.
This document summarizes key U.S. tax rates and limits for 2017 including:
- Federal income tax rates for single, married joint, head of household, and married separate filers at various income levels.
- Standard deduction and personal exemption amounts that phase out at certain income levels.
- Contribution and income limits for retirement accounts like 401ks, IRAs, and HSAs.
- Medicare premium amounts and deductibles that vary based on income.
- Social security tax rates and limits on benefits subject to income tax.
Tax Cuts and Jobs Act: Tax Reform UpdateSkoda Minotti
Understand the new tax rules resulting from the Tax Cuts and Jobs Act of 2017, and undertake a general review of the tax changes taking effect in 2018 that result from the Tax Cuts and Jobs Act of 2017.
Guide to budge tax rates allowances 2015Simon Peters
This document summarizes the key UK tax rates and allowances for the 2014/15 and 2015/16 tax years. Some of the highlights include: the personal income tax allowance increasing to £10,600; the higher rate threshold remaining at £31,785; and the additional rate threshold staying at £150,000. National insurance contribution rates remain largely unchanged. The annual investment allowance will decrease to £25,000 from January 2016. Stamp duty land tax rates on residential properties were adjusted.
Your Taxes 2013 - What will change (and what won't)csawaf
Several tax hikes, some tax breaks. Now that the fiscal cliff deal assembled in Congress is becoming law, it is time to look at some of the tax law changes that will result.
This document provides contribution limits and tax reference information for various tax-advantaged accounts like traditional and Roth IRAs, 529 college savings accounts, and Coverdell ESAs. It also includes income phase-out ranges that determine eligibility and deductibility for contributions. Additionally, it lists the standard tax deductions and brackets for 2021 federal income taxes for individuals, estates, and trusts. Long-term capital gains tax rates and gift/estate tax exclusions are also summarized.
Tax planning for the dentist in an era of uncertaintygppcpa
The document summarizes upcoming tax changes that may impact dentists, including increases to payroll taxes, reductions to depreciation deductions and AMT exemptions, new excise taxes on medical devices, and changes to tax brackets, capital gains rates, and deductions for medical expenses. It recommends tax planning strategies for dentists such as deferring income and expenses between years, accelerating capital gains, and evaluating retirement plans to minimize taxes and navigate future uncertainty around tax laws.
Similar to Slideshow: Analysis of Tax Provisions in "Grand Bargain" (20)
Outsized Gains at the Top Worsen Oregon Income InequalityOCPP
The document summarizes findings about increasing income inequality in Oregon. It shows that from 1980 to 2014, the income of the top 1% grew substantially while the median income remained stagnant. Specifically, the top 1/10th of 1% saw their income near $4 million, an over $1 million gain, while the typical Oregonian would earn almost 3 times as much if inequality was at the 1980 level. The gains were largely from capital income that flowed mainly to the top. Oregon now has the top 1% earning more than twice as much as the bottom 40%. The document recommends investing in infrastructure and human capital, and asking more from the top 1% and corporations to pay for it.
Slideshow: Analysis of the Tax Provisions in the "Grand Bargain"OCPP
A short presentation on why cutting the tax rate on pass-through income is misguided that further explains the issues raised in the Oregon Center for Public Policy's (OCPP) issue brief A GRANDLY FLAWED BARGAIN available at www.ocpp.org.
Cutting Tax Rate on "Small Business" Pass-Through IncomeOCPP
The document analyzes data from the Institute on Taxation and Economic Policy on the impact of a proposed 6.6% flat tax on business pass-through income. It finds that the tax increase would predominantly impact middle- and lower-income households, with over half of the tax increase falling on the lowest 60% of households. The largest tax cuts would go to the highest-income households. Overall, the flat tax proposal would shift the nation's tax burden from upper-income taxpayers to middle- and lower-income households.
Oregon's TANF program has collapsed, with the maximum grant amount for a family of three at $309 in 1991 dollars as of the end of the 2007-09 biennium, according to testimony given to the House Committee on Human Services and Women's Wellness on March 9, 2007. Oregon only modestly increased the maximum TANF grant on July 1, 2007.
Oregon's TANF program has collapsed, with the maximum grant amount for a family of three at $309 in 1991 dollars as of the end of the 2007-09 biennium, according to testimony given to the House Committee on Human Services and Women's Wellness on March 9, 2007. Oregon only modestly increased the maximum TANF grant on July 1, 2007.
Here is Gabe Whitley's response to my defamation lawsuit for him calling me a rapist and perjurer in court documents.
You have to read it to believe it, but after you read it, you won't believe it. And I included eight examples of defamatory statements/
An astonishing, first-of-its-kind, report by the NYT assessing damage in Ukraine. Even if the war ends tomorrow, in many places there will be nothing to go back to.
‘वोटर्स विल मस्ट प्रीवेल’ (मतदाताओं को जीतना होगा) अभियान द्वारा जारी हेल्पलाइन नंबर, 4 जून को सुबह 7 बजे से दोपहर 12 बजे तक मतगणना प्रक्रिया में कहीं भी किसी भी तरह के उल्लंघन की रिपोर्ट करने के लिए खुला रहेगा।
El Puerto de Algeciras continúa un año más como el más eficiente del continente europeo y vuelve a situarse en el “top ten” mundial, según el informe The Container Port Performance Index 2023 (CPPI), elaborado por el Banco Mundial y la consultora S&P Global.
El informe CPPI utiliza dos enfoques metodológicos diferentes para calcular la clasificación del índice: uno administrativo o técnico y otro estadístico, basado en análisis factorial (FA). Según los autores, esta dualidad pretende asegurar una clasificación que refleje con precisión el rendimiento real del puerto, a la vez que sea estadísticamente sólida. En esta edición del informe CPPI 2023, se han empleado los mismos enfoques metodológicos y se ha aplicado un método de agregación de clasificaciones para combinar los resultados de ambos enfoques y obtener una clasificación agregada.
Acolyte Episodes review (TV series) The Acolyte. Learn about the influence of the program on the Star Wars world, as well as new characters and story twists.
04062024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
Slideshow: Analysis of Tax Provisions in "Grand Bargain"
1. Analysis of Tax Provisions in
“Grand Bargain”
The Grand Bargain’s tax provisions include:
• Optional tax rates for business pass-through income for
certain S-corporation and LLC owners
• Reformed Additional Medical Deduction for seniors
• Elimination of Personal Exemption Credit for upper-
income filers
• EITC increase to 8 percent of federal credit for low-
income filers
• Increased corporate income tax rate for corporations with
income above $1 million
• Increased tobacco taxes for tobacco users
9/25/13
2. Will the tax provisions of the
proposed Grand Bargain cover
the costs for the proposed new
investments in education,
mental health care, and services
for seniors?
9/25/13
3. Revenue to Pay for New Investments
Shrinks After Current Budget
$189
$50
$24
$0
$50
$100
$150
$200
$250
2013-15 2015-17 2017-19
Projected new revenue
9/25/13
Inmillions
$201 million in new investments
Source: Oregon Legislative Revenue Office
4. Business Pass-Through Income
Subsidy is More Costly After Current Biennium
-$38
-$205
-$239
-$300
-$250
-$200
-$150
-$100
-$50
$0
2013-15 2015-17 2017-19
9/25/13
ProjectedCostofSubsidyinmillions
Source: Oregon Legislative Revenue Office
5. How do Oregonians at different
levels of the income scale fare
under the combined personal
income tax (PIT) provisions of
the proposed Grand Bargain tax
changes?
9/25/13
6. Beneficiaries of Tax Cuts Are Roughly Evenly Distributed;
Tax Increases Mainly Impact Higher End of Income Scale
0%
20%
40%
60%
80%
100%
Lowest
20%
Second
20%
Middle
20%
Fourth
20%
Next 15% Next 4% Top 1%
9/25/13
Source: Institute on Taxation and Economic Policy, September 2013
Share with Tax Increase
Share with Tax Cut
Combined Impact of All PIT Provisions
7. Lion’s Share of the Tax Cut Goes to Some of the
Top 1 Percent
0%
20%
40%
60%
80%
100%
Lowest
20%
Second
20%
Middle
20%
Fourth
20%
Next 15% Next 4% Top 1%
9/25/13
Source: Institute on Taxation and Economic Policy, September 2013
Share of Tax Increase
Share of Tax Cut
Combined Impact of All PIT Provisions
8. For Top 1 Percent, Average Tax Cut Dwarfs
Average Tax Increase
$51 $27 $152 $328 $357 $573 $745
-$31 -$60 -$67 -$108 -$99
-$726
-$9,246-$10,000
-$8,000
-$6,000
-$4,000
-$2,000
$0
$2,000
Lowest
20%
Second
20%
Middle
20%
Fourth
20%
Next
15%
Next 4% Top 1%
9/25/13
Source: Institute on Taxation and Economic Policy, September 2013
Average Increase for Those with Increase
Average Cut for Those with Tax Cut
9. The Overall Average Tax Change is Negligible for
All Except the Windfall for the Top 1 Percent
-$8 -$15 -$16
$21 $49 $149
-$2,694-$3,000
-$2,000
-$1,000
$0
$1,000
Lowest
20%
Second
20%
Middle
20%
Fourth
20%
Next
15%
Next 4% Top 1%
9/25/13
Source: Institute on Taxation and Economic Policy, September 2013
AverageTaxChange–AllTaxpayers
Combined Impact of All PIT Provisions
10. Who benefits from the Grand
Bargain’s business pass-
through income tax subsidy?
9/25/13
11. Business Pass-Through Income
Subsidy Is Mainly for Some at the Top
0%
20%
40%
60%
80%
100%
Lowest
20%
Second
20%
Middle
20%
Fourth
20%
Next 15% Next 4% Top 1%
9/25/13
Source: Institute on Taxation and Economic Policy, September 2013
Optional Rates for Business Pass-Thru Income
SharewithTaxCut
12. Average Savings for Someone in the
Top 1 Percent Getting a Subsidy Is Over $6,000
$0 -$46 -$71 -$53 -$75
-$458
-$6,011
-$10,000
-$8,000
-$6,000
-$4,000
-$2,000
$0
Lowest
20%
Second
20%
Middle
20%
Fourth
20%
Next
15%
Next 4% Top 1%
9/25/13
Source: Institute on Taxation and Economic Policy, September 2013
AverageCutforThoseReceivingaSubsidy
Optional Rates for Business Pass-Thru Income
13. Most of the Total Tax Cut Goes to a Portion of
the Top 1 Percent
0%
20%
40%
60%
80%
100%
Lowest
20%
Second
20%
Middle
20%
Fourth
20%
Next 15% Next 4% Top 1%
9/25/13
Source: Institute on Taxation and Economic Policy, September 2013
Optional Rates for Business Pass-Thru Income
ShareofTaxCut
14. Top 1 Percent Saves, on Average, about $3,300
$0 $0 -$3 -$3 -$8 -$113
-$3,298
-$10,000
-$8,000
-$6,000
-$4,000
-$2,000
$0
Lowest
20%
Second
20%
Middle
20%
Fourth
20%
Next
15%
Next 4% Top 1%
9/25/13
Source: Institute on Taxation and Economic Policy, September 2013
AverageTaxChange–AllTaxpayers
Optional Rates for Business Pass-Thru Income
15. How would Oregonians at
different levels of the income
scale fare under the combined
PIT provisions if the Grand
Bargain did not include the
business pass-through income
tax subsidy?
9/25/13
16. Without Pass-Through Subsidy, Plan More Fair:
Tax Increases Concentrated at the Top, Tax Cuts for
Some Low- & Middle-Income Families
0%
20%
40%
60%
80%
100%
Lowest
20%
Second
20%
Middle
20%
Fourth
20%
Next 15% Next 4% Top 1%
9/25/13
Impact of PIT provisions, excluding pass-through business income rates.
Source: Institute on Taxation and Economic Policy, September 2013
Share with Tax Increase
Share with Tax Cut
17. Without Pass-Through Subsidy, Tax Changes
Would Be More Closely Based on Ability to Pay
0%
20%
40%
60%
80%
100%
Lowest
20%
Second
20%
Middle
20%
Fourth
20%
Next 15% Next 4% Top 1%
9/25/13
Share of Tax IncreaseShare of Tax Cut
Impact of PIT provisions, excluding pass-through business income rates.
Source: Institute on Taxation and Economic Policy, September 2013
18. Without Pass-Through Subsidy, the Tax Cuts &
Increases Are Fairly Modest for Everyone
$51 $27
$153
$328 $357
$607 $629
-$31 -$60 -$64
-$118 -$140 -$153
$0
-$500
-$250
$0
$250
$500
$750
$1,000
Lowest
20%
Second
20%
Middle
20%
Fourth
20%
Next 15% Next 4% Top 1%
9/25/13
Average Increase for Those with Increase
Average Cut for Those with Tax Cut
Impact of PIT provisions, excluding pass-through business income rates.
Source: Institute on Taxation and Economic Policy, September 2013
19. Without Pass-Through Subsidy, Average Overall
Change Would Be Based on Ability to Pay
-$8 -$15 -$13
$24 $58
$284
$614
-$500
-$250
$0
$250
$500
$750
$1,000
Lowest
20%
Second
20%
Middle
20%
Fourth
20%
Next 15% Next 4% Top 1%
9/25/13
AverageTaxChange–AllTaxpayers
Impact of PIT provisions, excluding pass-through business income rates.
Source: Institute on Taxation and Economic Policy, September 2013
20. Conclusion
In its current form, after the current biennium the Grand Bargain’s
tax package won’t deliver the money needed to pay for the
proposed new investments in education, mental health care, and
services for seniors.
The cause of the sharp drop in revenue is the ballooning costs of
business pass-through income provision, a subsidy that by-and-
large only benefits some of Oregon’s wealthiest 1 percent.
Eliminating the business pass-through income provision would retain
revenue to pay for the new investments and make the package
more equitable.
9/25/13