This article in Marketwatch from the Wall Street Journal by Robert Klein takes a look at tax changes that have actually resulted in significant tax increases to the people in the highest tax bracket on the same income as last year. Click on the link below to take a look at this:
http://www.marketwatch.com/story/wealthy-paid-13-more-tax-on-same-income-2014-04-25
The point is that tax law has been crafted over time to give more tax dollars to lower income people while penalizing people who earn a lot more income. The earned income credit and, to an extent, the education credits (they at least have a reasonable income limit) are examples of this form of wealth redistribution. And there is no reason to expect that things will change in the future.
For financial, accounting and tax musings,
You can count on us to count for you!
Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com
Android and the IPhone:
Has been Featured On
https://twitter.com/bstonercpa