Received in email, no link....
Here is what happened on January 1, 2014
Income Tax went from 35% to 39.5%
Payroll Tax went from 37.4% to 52.2%
Capital Gains Tax went from 15% to 28%
Dividend Tax went from 15% to 39.6%
Estate Inheritance Tax went from 0% to 55%
(55% on everything you receive from an Estate)
... these deflationary taxes ...their consequences for the general economy.
Comments
Yep.
According to http://aretheykidding.wordpress.com/2013/12/31/new-taxes-in-2014/, the income tax rate that went from 35% to 39.5% is for taxable incomes over $450,000.
Income tax brackets, from http://www.mydollarplan.com/tax-brackets/:
Last year the fiscal cliff deal made the tax bracket structure permanent. The 2014 income tax brackets will continue to keep the 10%, 15%, 25%, 28%, 33%, 35% and 39.6% tax brackets in place from last year.
So, it depends on your taxable income as to what tax bracket you fall in. If it was 35% for the top earners last year and is now 39.6%, it applies to those with high income.
As to the payroll tax, the first link above shows Social Security withholding went up 2%, and those who make over $200,000 will pay 0.9% more. Can't find how it went up more than that.
Unless something changed after this article was published, http://www.fool.com/how-to-invest/personal-finance/taxes/2013/12/19..., capital gains tax is based on your income... anywhere from 0% to 20%.
Estate inheritance taxes, from what I could find, cap at 40%. There are federal and (some) states that have this tax. There is an exempted amount.
So this email thing going around is inflammatory in that it does not give the specifics.
Can anyone verify this? I hope it's not true.
Did the emperor do this on his own ?