It’s NOT going ot be taxing only those above $250K-
anyone want to bet on obamas threshold of being “rich”??
I’m guessing more like $150K
It is currently around $159,000. Above that, you start seeing "phaseouts" aka "caps" on deductions. My wife put out $3700 for tuition last year. The college sent a 1099-T. It didn't matter. If you make more than $159,000, the 1099-T isn't allowed. It's just scrap paper.
Smart business people will figure out how to stay under the $250,000 limit. They may have to divide their business activities into multiple pieces to dodge the limit, or just cut activity to stay under the limit. The real productive folks will deal with the injustice. Lots of low income employees will become unemployed as this takes effect.
Actually, it’s $208k per couple to get into the upper tax bracket, which he’s targeting, and you can halve that for a single person.
So, if you’re single and making a little over 100K, you’re a target.
Might as well quit and go grease a locomotive.