I recently appeared on WLTX to discuss the impact of the elections on your investments and tax bill. Here is a comparison of the tax proposals and a copy of the clip.
|Ordinary Income Rates||Increase rates for those making more than $200K/Individual and $250K joint.Proposed Tax Rates10%15% |
|Extend all tax cuts and cut rates overall by 20%. Highest tax bracket would be 28%.Proposed Tax Rates8%12% |
|Capital Gains Rate||20% capital gain for high earners||15% capital gains rate for high earners, 0% for everyone else|
|Dividend Tax Rate||Ordinary income rates for those making more than $200K/Individual and $250K/Joint.||15% for people making over $200,000; 0% for everyone else.|
|AMT||Buffett rule- requires minimum 30% tax rate for those making $1M or more||Repeal AMT|