Tuesday 19th of September 2017 8:27:04 AM

  • 13 Tax Increases for 2013

    Tuesday 08th of January 2013 10:28:09 AM

    Well, here they are! On January 1st 2013 all kinds of changes took place. Here is a list of the 13 tax increases for 2013. Sadly, the following tax increase will no-doubt slow the economy hence making jobs harder to come by. Now that the President got what he asked for, Congress has to make sure that he comes through with the promises of spending cuts.

    1. Payroll Tax: Social Security taxes will raise from 4.2% to 6.2%
    2. Top subsidiary tax rate: Taxable incomes exceeding $450,000 will see an increase from 35% to 39.6%
    3. Personal exemptions will phase out for AGI’s of $300,000 or more
    4. Itemized deductions will phase down for AGI’s of $300,000 or more
    5. Investment tax rates will increase from 15% to 20% for taxable incomes exceeding $450,000
    6. Death taxes will increase from 35% to 40% on estates that exceed $5 million
    7. Business investment taxes: full expensing will expire
    8. An additional investment tax: investment incomes for those tax payers that exceed $250,000 will now pay 3.8% surtax on investment income.
    9. More Payroll tax hikes: for incomes over $250,000 there will be a 0.9% increase for Hospital insurance.
    10. Medical device tax: Manufacturers and importers of medical devices will pay an additional 2.3% in excise taxes on their sales.
    11. Income tax deductions will be reduces for medical expenses.
    12. Corporate income tax deductions will be eliminated for operating costs related to the Medicare Part D subsidy.
    13. Corporate income tax deductions for reimbursement to their executives will be limited for health insurance companies.

     

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