Five Taxes That Increased For Wealthy Taxpayers | Tax Stories of the Jacksonsville Princess
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Rich taxpayers may end up paying higher tax bills this season. Due to the changes in the 2012 tax law, anyone who makes enough to consider themselves wealthy will pay higher taxes on their income.
The first bill that raised taxes for the wealthy is The American Taxpayer Relief Act of 2012. This bill is also commonly known as the fiscal cliff tax bill. This law prevents rich taxpayers from reducing their bill by utilizing certain tax privileges.
The second change affecting wealthy taxpayers comes from the Affordable Care Act. Two provisions from this law went into effect in 2013. Clearly, this bill targets high-income taxpayers, but the language in the bill fails to provide a numeric value for the term high-income.
These two laws created five significant changes for wealthy taxpayers. These changes are the main causes for higher tax bills and reduced privileges.
Rich taxpayers may end … Read the rest about Filing Taxes
The post Five Taxes That Increased For Wealthy Taxpayers appeared first on Filing Taxes.

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