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Fiscal Cliff Avoided, But Taxes Still Rise

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  • Description

    Certified Financial Planner Altair Gobo discusses how your taxes will change in 2013.

  • Duration 5:00
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Your taxes are going up this year and I wanna tell everybody who is go to pay -- Joining us now with a real details -- -- -- although the certified financial planner our tax growth.

We talked about this last week I wanna go through various taxable items and find out who's paying -- as all of this morning festival.

Payroll taxes that up for everybody who looks right.

Everyone who works people pay payroll tax up to a 113 1700.

Dollars of income -- those that they've.

Make a dollar to 113.

They're gonna pay 2% more than they paid -- here as the tech payroll tax holiday is over the holidays over.

On average person that's making that 113 is going to be paying about 200 dollars a month more.

-- somebody making 50000 dollars a year was -- be paying roughly -- hundred dollars a month more or -- thousand to 12100 dollars a year more okay.

The rest of the estate tax and this is a big -- for a lot of you know this this is such a surprise because we went from 35% to 40%.

But what's shocking is they kept the exemption amount at five million dollars.

Okay per person said the tax rate has gone up to 40% the rate has gone up to 40% -- the exemption amounts stayed at where was last year which is five million FaceBook posts per person now what we don't know is is reportable or not we don't have the details of the plan yet.

Meaning you know those -- go from husband to wife but if you missed any estate planning attorney last year.

They would have bet that the rate -- that the exemption amount would have come in at about three and a half million dollars.

But it's not could put -- -- results are let me get this right husband -- wife passed -- to get up let's suppose that -- pass away together.

Ten million dollars is excluded from tax great points -- that the estate tax is not due until the second that.

But yes in that case ten million dollars from federal.

By state tax you -- sector of the state okay.

Dividend taxes -- this is interesting because it's only going to affect the top bracket again.

About 4040400.

Individual individual for fifty -- -- -- he gets real clip.

If you -- 400000 dollars all mall.

The tax you pay on any dividend income has just gone off to walk from fifteen to 20%.

On capital gains from fifteen to 20%.

Now what's interesting here is the person who was in the ten or 15% bracket.

They're gonna pay zero just like last year.

The person who was in the 25 to 35%.

Bracket they're going to pay 15%.

The only increase is on people who are making 400000 individual or 450000.

Joint they're gonna pay 20%.

Capital gains taxes as of now well same exact thing is dividends.

Fifteen to 20% only time the highest earners I think -- the trip -- Yeah I think so just go from fifteen to 20% behind -- does he goes from fifteen to 23%.

Because.

Under Obama -- you pay more on capital gains and dividends if your high income you pay an extra three and a half percent to -- -- -- the well.

Now let's go tit for tat if you -- -- extra possibly 1%.

Because of the new -- phased out.

A look at the peace phase out I think -- was congressman -- there's something on investment income that's gonna be phased in to.

The tax system wears high tax earners and -- some crazy calculation.

May pay an extra 1%.

On capital gains.

So now we have the three and a half plus 1% you'd be paying 24% capital gains.

OK so the spending side of the equation -- -- you don't really deal with this for the spending side of course that's not dealt with.

The debt side has not been dealt with the -- is this -- is all about raising taxes that's it.

This is this whoever negotiated this deal is is a master negotiator -- them on one side or the other because they got what they -- they got tax increase.

But the -- give up anything there was no.

Tax reduction on the other side no spending regardless -- right.

Now that's supposed to come in the next couple of weeks or months but.

You heard the president last night -- said I think this is the first income tax increase on anybody in twenty years that correct.

The free market -- have been -- highest income tax increase.

In twenty years.

The highest especially on high income march OK you and any financial planning business -- People running to use his book and I do that well they're going to be they ran last year because there was a couple of things we can Obama give tax etc.

but this year.

You know if they gonna pay a little bit more there're some -- -- we can do to try to name but it is on the books income.

It is not a personal on the books and can you -- that's correct that's where I'll go well I'm glad to satisfy analyst offer directly to the point we appreciate it thank you -- -- congress harvest.

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