Sentences with phrase «upper income taxpayers»

The health care legislation enacted in 2013 included a new tax that was designed to affect upper income taxpayers.

As part of its budgets for the past several years, the Obama Administration has proposed reducing the value of all itemized deductions (including the state and local tax deductions) for upper income taxpayers.

The repeal of the miscellaneous deduction is not significant to some upper income taxpayers.

This change is expected to subject these upper income taxpayers to about $ 140 million in additional tax liability.

Not exact matches

But the policy issue boils down to this: CCPC owners can defer paying taxes on far more income, passively invested by their small businesses, than the upper limit of about $ 26,000 a year in RRSP contributions allowed for salary - earning taxpayers.

But while there is a lot we don't know, we can identify a group of taxpayers likely to face tax increases from this proposal: people with moderate to upper - moderate incomes who take itemized deductions, like those for mortgage interest and state and local taxes paid.

After calculating their regular income tax, many middle - and upper - income taxpayers must add a number of AMT «preference items» to their taxable income, subtract an AMT exemption amount, and recalculate their tax using the AMT tax rate structure.

It also adjusts the income ranges for the brackets to mainly benefit upper - income taxpayers.

Itemized deductions: The TCJA wipes out several itemized deductions and modifies others in conjunction with the repeal of the «Pease rule» reducing deductions for upper - income taxpayers.

In addition, many upper - middle - income taxpayers who face the Alternative Minimum Tax — a higher tax than their regular income tax — will not be able to claim deductions that may be allowed on a regular tax return, according to tax analyst Mark Luscombe of CCH, part of Wolters Kluwer.

Reed, a Corning Republican who is drafting a tax - reform compromise in which that deduction may be turned into a tax credit with limits for upper - income homeowners, said on Facebook that his plan would ensure a tax cut for local property taxpayers in New York State.

Cuomo said preventing upper - middle - class and wealthier taxpayers from using the deduction will help drive them out of the state and put more of a tax burden on lower - income earners.

The only states to spend more were New Jersey and New York, which have vastly larger corporate tax bases and far more upper - income taxpayers.

When combined with a federal tax loophole that allows taxpayers to receive a federal deduction on a dollar - for - dollar state tax credit, 10 of these states» credits are so lucrative that they allow some upper - income taxpayers to turn a profit (at federal taxpayer expense) on contributions they make to fund private school vouchers.

There are surely better uses for scarce taxpayer funds than subsidizing borrowers who are in the upper half of the income distribution and who hold graduate degrees.

In another example of how the wealthy use the tax code to their benefit while public schools suffer, some states are funneling public dollars to private schools and allowing businesses and upper - income taxpayers to turn a profit in the process, according to a report released by the Institute on Taxation and Economic Policy (ITEP).

This will reduce the net taxpayer cost of the universal pre-k program, and will reduce subsidies to upper income families that may be politically damaging.

Lifting income caps on private - school vouchers so taxpayers foot the bill to send middle - and upper - income families» kids to private school.

After calculating their regular income tax, many middle - and upper - income taxpayers must add a number of AMT «preference items» to their taxable income, subtract an AMT exemption amount, and recalculate their tax using the AMT tax rate structure.

The portion of carbon tax paid by corporations would impact their shareholders, which again indirectly impacts upper - income taxpayers disproportionately.

There are those who would have you believe that the mortgage interest deduction benefits only upper - income taxpayers, but that is simply not true.