Nobody likes paying more taxes, but as more people file their
2013 tax returns, many are seeing that their tax burden has gone
up. What's behind the increases?
In the following video, Dan Caplinger, The Motley Fool's
director of investment planning, talks about the multiple factors
pushing taxes higher. Dan notes that the new 39.6% tax rate took
effect for highest-income taxpayers, which also raised long-term
capital gains and dividend tax rates from 15% to 20% on those
taxpayers. But surtaxes on wage income and net investment income
also added to tax burdens. Finally, Dan runs through provisions
that reduced taxpayers' ability to take personal exemptions and
itemized deductions, thereby raising taxable income and total tax
due. Going forward, further hikes aren't built into the law, but
new tax reform could change the landscape again.
Take advantage of this little-known
Recent tax increases have affected nearly every American
taxpayer. But with the right planning, you can take steps to
take control of your taxes and potentially even lower your tax
bill. In our brand-new special report "
The IRS Is Daring You to Make This Investment
The IRS Is Daring You to Make This Investment Now!," you'll
learn about the simple strategy to take advantage of a
little-known IRS rule. Don't miss out on advice that could
help you cut taxes for decades to come.
Click here to learn more.
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