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FBN’s Peter Barnes on the average rise in federal taxes to expect for those earning between $500K and $1M a year.
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Much Sanders -- million.
How are you ready to see how that last -- fiscal -- deal will affect your paycheck and tax bill all day long Peter Barnes has been breaking down the effect on different income levels and Peter at this hour.
We're gonna find out about the upper income folks and how their paychecks will be affected.
That's right let's bunch of new taxes are hitting taxpayers starting this year including from this week's tax bill we've been looking at their impact for different income brackets -- each hour in this hour were up to household income.
A 500000.
To a million.
And there are about half a million households that file.
Returns at this income level the big change this week that will affect them.
Was the restoration of the top marginal tax rate of 39 point 6%.
From the Clinton Era for individuals making more than 400000 a year families making more for fifty so -- ball squarely into that category.
These taxpayers will also see their rates on capital gains and dividends rise to 20% from 15%.
On related to this week's tax legislation is a new tax under the president's Health Care Reform law that we've talked about a three point 8% Medicare surcharge.
On investment income for individuals making more than 200.
Thousand a year families -- more than 250.
But the tax that will hit almost all taxpayers lower income as well as offer is the expiration of those payroll.
The payroll tax cut from the last two years so.
Add all this up for households earning 500000 to a million a year -- according to the Tax Policy Center their taxes will go up by an average of about.
141800.
Dollars this year was.
Cray it.
Okay listen it is what it gives -- To corporate well later -- wait till 4 o'clock hour only get to the million dollar.
Brackets I will watch for that to listen we love all our our tax bracket viewers and we're doing it all day long and good -- -- -- At least bringing these exact numbers Peter -- all the homework -- the number scratching -- you have to stay tuned every hour thanks Peter appreciate it is thanks.
