Tuesday, August 30, 2011

Tax predictions for 2013 and beyond

Some tax predictions for 2013 and beyond:
1. We will see tax rates in the US go up for everyone, not just the "rich"
2. There will be an extra "temporary" surcharge for filers making above a certain amount ($500K a year?)
3. We will see a national Value Added Tax (VAT) introduced by 2014. This will probably be around 7.5%-10%
4. Social Security / Medicare payroll tax income limits will be removed for people making above a certain amount (probably above $250K for single filers). Currently social security taxes apply to approximately the first $105K of income.
5. Payroll taxes will be assessed on passive income (dividends, rental income) etc.
6. The mortgage tax deduction will be phased away, especially for second homes and rental properties

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