Tag Archives: Taxes

A whopping 52.6 percent tax rate on ordinary income

From an article about ranking the tax efficiency of certain income-oriented investments for six-figure earners: Begin by choosing marginal tax rates for both ordinary income and long-term capital gains. Litman Gregory assumed a whopping 52.6 percent rate on ordinary income, which includes 8 percent for state income tax. The federal portion consists of this year’s […]

Great explanation of the ObamaCare taxes kicking in

Great explanation of the ObamaCare taxes kicking in Two new taxes which are part of the Patient Protection and Affordable Care Act of 2010 (PPA, also called ObamaCare) have taken effect as of January 1.  The first is the new 3.8% Medicare “surtax” on investment income.  Until recently, while investment income was subject to either […]

Ultra-Short Summary of American Taxpayer Relief Act of 2012 (HR8 as amended by the Senate)

American Taxpayer Relief Act of 2012 (HR8 as amended by the Senate) The first two items below directly affect nearly every taxpayer. The third affects anyone with earned income, and the fourth affects every married couple. The rest are much narrower in scope (ie. highest income folks, large estates, etc): All Bush-era tax rates made […]

John Steele Gordon: A Short History of the Income Tax (WSJ op-ed piece)

http://online.wsj.com/article/SB10001424052970204422404576594471646927038.html A Short History of the Income Tax One original sin was the separation of the corporate and personal tax, giving lawyers, accountants and the wealthy a chance to game the system. […] The other pernicious consequence of the separate corporate and personal income taxes has been a field day for demagogues and the misguided […]

How to get your prior-year tax information from the IRS

We all file our taxes each year, and dutifully, we each keep copies in our files, right?  You know, along with all the receipts, your copies of your W-2 and 1099s. So what happens if you need some of the information but can’t find it?  The IRS can’t necessarily help with everything – they don’t […]