In case you weren't paying attention, this is what happened on January 1st 2014
Happy New Year America --Here is what happened on January 1st 2014:
Top Income tax bracket went from 35% to 39.6%
Top Income payroll tax went from 37.4% to 52.2%
Capital Gains tax went from 15% to 28%
Dividends tax went from 15% to 20%
Estate tax went from 0% to 40%
The politicians are raping this country and destroying the nation.
No one is standing up for the citizens.
[Tax Rate Schedule X, Internal Revenue Code section 1(c)]
- 10% on taxable income from $0 to $9,075, plus
- 15% on taxable income over $9,075 to $36,900, plus
- 25% on taxable income over $36,900 to $89,350, plus
- 28% on taxable income over $89,350 to $186,350, plus
- 33% on taxable income over $186,350 to $405,100, plus
- 35% on taxable income over $405,100 to $406,750, plus
- 39.6% on taxable income over $406,750.
Married Filing Jointly or Qualifying Widow(er) Filing Status
[Tax Rate Schedule Y-1, Internal Revenue Code section 1(a)]
- 10% on taxable income from $0 to $18,150, plus
- 15% on taxable income over $18,150 to $73,800, plus
- 25% on taxable income over $73,800 to $148,850, plus
- 28% on taxable income over $148,850 to $226,850, plus
- 33% on taxable income over $226,850 to $405,100, plus
- 35% on taxable income over $405,100 to $457,600, plus
- 39.6% on taxable income over $457,600.
Married Filing Separately Filing Status
[Tax Rate Schedule Y-2, Internal Revenue Code section 1(d)]
- 10% on taxable income from $0 to $9,075, plus
- 15% on taxable income over $9,075 to $36,900, plus
- 25% on taxable income over $36,900 to $74,425, plus
- 28% on taxable income over $74,425 to $113,425, plus
- 33% on taxable income over $113,425 to $202,550, plus
- 35% on taxable income over $202,550 to $228,800, plus
- 39.6% on taxable income over $228,800.
Head of Household Filing Status
[Tax Rate Schedule Z, Internal Revenue Code section 1(b)]
- 10% on taxable income from $0 to $12,950, plus
- 15% on taxable income over $12,950 to $49,400, plus
- 25% on taxable income over $49,400 to $127,550, plus
- 28% on taxable income over $127,550 to $206,600, plus
- 33% on taxable income over $206,600 to $405,100, plus
- 35% on taxable income over $405,100 to $432,200, plus
- 39.6% on taxable income over $432,200.
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