Federal Tax Watch Special Edition

A common theme of recent tax legislation has been to place most, if not all, of the burden of new taxes on “wealthy” individuals. In so doing, Congress has defined the wealthy as those with an income above a certain threshold. Unfortunately, Congress has chosen multiple different income levels. For example, a married couple filing […]

Income tax rate increases for the wealthiestThe rate brackets remain as they have been for the past 10 years, adjusted annually for inflation. The six existing tax rates – 10, 15, 25, 28, 33 and 35 percent – are retained. However, beginning Jan. 1, 2013, the act imposes a new 39.6 percent bracket that will