Income Tax Update - November, 2010

Posted on November 27, 2010 by Jeffrey Skatoff

Without Congressional action between now and the end of the year, effective marginal income tax rates are set to soar.  Between 2010 and 2013, the marginal tax rate on the highest earners will increase over 15%.  For those in the highest brackets with qualified dividend and long term capital gain income, the marginal rate is set to increase an unbelievable 58% between 2010 and 2013.  

Part of the increase is attributable to the phase out of the Bush-era tax cuts enacted 10 years ago. The remainder of the increase is based on the increase in taxes to pay for the new health care program enacted by the Obama administration. 

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