Remember
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%
Dividend Tax went from 15% to 39.6%
Estate Tax went from 0% to 55%
Remember these 'facts' if you have any money. By the way, all of these taxes were passed with only Democrat votes. Not one Republican voted to enact these taxes.
Remember this come election time. And, make sure your friends and neighbors have this info, too!
These taxes were all passed under the Affordable Care Act, otherwise known as Obamacare.
I know, I know. I said I wasn't going to do this, I just cant help myself.
#1. Agree with. "The highest marginal tax rate for individuals of 39.6 percent applies in 2014 to taxable income over $457,600 for married couples filing jointly ($406,750 for single taxpayers). This is an increase of $7,600 ($6,750) over 2013 levels. See the end of this article for all of the individual and estate/trust income tax rate tables for 2014."
http://www3.cbiz.com/page.asp?pid=11059
#2. Not substantiated due to language. "The email***8217;s claim about ***8220;income payroll tax***8221; is a head-scratcher, since no tax expert we know of uses such a term. Our best guess is that the anonymous author meant to refer to the combined effect of the federal income tax and the Social Security and Medicare payroll taxes, and did not understand how these taxes work. No combination of payroll and federal income taxes would produce a top marginal rate of 52.2 percent, so far as we can figure."
http://www.factcheck.org/2014/04/false-tax-claims/
#3. Not substantiated. The following Forbes article states that the top rate for capital gains is 20%. There is also an additional 3.8% tax that can be applied in certain instances, but this would make the top rate 23.8%, not 28%.
http://www.forbes.com/sites/davidmarotta/2014/05/25/capital-gains-tax-gets-more-complicated/
#4. Not true, even combined with State dividend taxes, the amounts vary widely by state. Federal rate is 23.8% (see Capital Gains). "Currently, the United States has one of the highest tax burdens on personal dividend income in the OECD. The top federal rate on personal dividend income is 23.8 percent (20 percent top marginal tax rate plus a 3.8 percent net investment tax to fund the Affordable Care Act). In addition, taxpayer face personal dividend taxation at the state level that ranges from zero in states with no personal income tax to 13.3 percent in California."
http://taxfoundation.org/blog/how-high-are-personal-dividends-income-tax-rates-your-state
#5. False. "It was reinstated, however, in 2011. That tax year, estates in excess of $5 million were taxed at 35 percent. For deaths in 2012, the estate tax exemption increased to $5.12 million thanks to inflation. And thanks to the American Taxpayer Relief Act of 2012, or ATRA, which was passed Jan. 1, 2013, the estate tax was made a permanent part of the tax code and the exemption amount automatically indexed for inflation.For the 2013 tax year, the estate tax exclusion amount is $5.25 million. It increases to $5.34 million for 2014.
ATRA also increased the tax rate on estates in excess of the exemption amount from 35 percent to 40 percent."
http://www.bankrate.com/finance/taxes/estate-tax-and-gift-tax-amounts.aspx
The claim that all these rates being raised by the ACA is also untrue. Certainly some have, but not at the levels suggested. There are also Credits that have been enacted.
http://www.irs.gov/uac/Affordable-Care-Act-Tax-Provisions
Secondary references are available.
