I understand the death tax goes from affecting those with a $10 mill. estate down to a $1 mill. estate, and the tax rate is around 43%. Can someone verify this?
n 2013, the death tax will revert to its antiquated, pre-2001 form. The applicable exclusion amount will plummet to $1,000,000, and the top marginal rate will leap twenty points to 55%. A 5% surtax will also return, to be levied on estates between $10 million and $17 million. This raises the top effective rate of the death tax to 60%.source:http://atr.org/dont-die-confiscatory-percent-death-tax-a7051
I did some digging and found this.
Starting Jan 1, everyone will pay an individual obamacare mandate tax of $1360/year or 2.5% of your adjusted gross.
Plus a surtax on investment income for households earning 250K or more.
Cap gains go from 15 to 23.8%
Dividends go from 15 to 43.4%
Rents, royalties or other passive income goes from 35 to 43.4%
Tax rates set by Bush will expire and go back to clinton era rates.
There are 13,000 pages of NEW tax regulations
Standard deduction for married couples is cut in half.
child tax credit goes from $1,000 to $500 per child.
Death tax exclusion goes from 10 mil to 1 mil with a 55% hit on anything over that 1 mil.
No adjustments to the AMT
Business expensing will be spread out over years instead of expensing 1/2 in the first year.
AND add in all the new obamacare taxes and regs that haven’t been made public yet.
Yeah it’s coming, a real taxmaggedon.