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- Title
Highlights of Recent Tax Legislation--And Strategies to Minimize Tax Owed.
- Authors
Yang, James G. S.; Lauricella, Leonard J.
- Abstract
Three important pieces of legislation have been enacted since 2010 that will have a significant impact on high-income taxpayers beginning in 2013 and continuing forward. This article analyzes the provisions that will have the most impact immediately. The new laws raise the highest income tax rate to 39.6 percent on most income and the top rate on dividends and long-term capital gains to 20 percent; increase the employee share of the Medicare tax to 2.35 percent and increase the medical expense deduction floor to 10 percent; and reinstate the phase-out of total itemized deductions and personal exemptions. A new 3.8 percent tax is imposed on unearned income and a 2.3 percent excise tax is levied on the sale of medical devices. Penalties are also imposed on those who do not have health insurance. This article scrutinizes some key details and offers a number of tax planning strategies that can be used to alleviate the tax burden.
- Subjects
UNITED States; INCOME tax laws; TAX rates; TAXATION of investments -- Law &; legislation; TAX deductions; CAPITAL gains tax laws; TAXATION of dividends; EXCISE tax laws; DEFERRED credit; TAXATION; TAX laws
- Publication
Journal of Taxation of Investments, 2014, Vol 31, Issue 3, p21
- ISSN
0747-9115
- Publication type
Article