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BY ANTHONY E. PARENT, ESQ.

The four most important facts about the 2013 Tax Brackets

Oh what has Congress bought for us

With little time to make the fancy downloadable charts that we love to do here at the IRSmedic World HQ, everyone is wondering, what is happening? I took a quick look at the source material, H.R.8 — American Taxpayer Relief Act of 2012  (BILLS-112hr8eas) and came up with the four most important this  is what you need to know about the 2013 IRS tax brackets.

UPDATE: Here are finalized 2013 Federal Income Tax Rate Brackets for Individuals indexed for inflation


IRS tax bracewkts 2013

I need something to cheer me up. Cause Boehner et al  isn’t doing it for me

1. Addition of a new tax bracket for ordinary income:

Section 101 (b)(3)(B) creates a new 39.6% tax bracket for those making over $450,000.00, $425,000.00, or $400,000.00 depending on filing status These are not the finalized numbers, as these brackets will be adjusted for inflation.

 

2. Additional of a new tax bracket for dividends and capital gains

Dividend tax rate will remain at 15% for those whose income is under $250,000 and will be 20% for those whose adjusted gross income is over $250,000.00. This is in addition to the ObamaCare surtax of 2.8%. So, for many Americans dependent on dividends or who happen to sell a property in one year, they will be hit with a huge tax increase from 15% to 22.8%.

 

3. Change to the AMT tax exemption amounts

Increasing the exemption amounts to $78,750 for those filing joint and  $50,600 for those filing single and separately.

 

4. Republicans are useless

I say this as a soon to be former Republican. Tax increases will not bring more revenue. Tax increases strangle the  economy. Or as the saying goes, four more years of “bad luck.”

Too juxtapose a great  Ronald Wilson Reagan quote,

“I didn’t leave the Republican party, the party left me”

Is it me or does Dr. Ron Paul look less crazy every day that passes?

Stay tuned for updates. Like us on the facebook. That would be great.

UPDATE 1-7-2013: Preliminary 2013 tax brackets here

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