Ever wonder what’s in play as far as taxes go so you can plan ahead?
The Treasury Dept. released the "General Explanations of the Administration's Fiscal Year 2013 Revenue Proposals," better known as the "Greenbook.” I find it interesting that Treasury refers to our tax dollars as revenue, like they earned it. You will find that most of items they are considering necessitate raising taxes. Don’t you also find it interesting that they never talk about cutting spending which is the real elephant in the room. Anyway here in part is what Treasury wants to do:
- Reinstate the top income tax rate to 39.6%,
- Reinstate the limitations on itemized deductions for upper-income taxpayers
- Raise the top capital gain rate to 20%
- Tax qualified dividends at ordinary rates
- Eliminate tax preferences for oil and gas companies (e.g., IDC deduction, percentage depletion)
- Raise the top rate for estates to 45% with an exclusion amount of $3.5 million
- Make the 100 % gain exclusion for Qualified Small Business Stock (QSBS) permanent
- Make permanent the expanded EITC (Earned Income Tax Credit) for workers with three or more qualifying children.
To access the complete document, go to www.treasury.gov
