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The law created a 36 percent to 39.6 percent income tax for high-income individuals in the top 1.2% of wage earners. Businesses were given an income tax rate of 35%. The cap was repealed on Medicare. Gas taxes were raised 4.3 cents per gallon. The taxable portion of Social Security benefits were also increased.
For 2023 taxes, you can deduct 65.5 cents per mile. For 2024 taxes, you can deduct 67 cents per mile. If you have only one vehicle and use it for both personal and business needs, you need to ...
The Act created new brackets of 35% for income from $10 million to $15 million, 38% for income from $15 million to $18.33 million, and 35% for income above $18.33 million. The 2.9% Medicare tax had previously been capped to apply to the first $135,000 of income. The cap was removed. Transportation fuels taxes were raised by 4.3 cents per gallon.
The economic policy of the Barack Obama administration, or in its colloquial portmanteau form "Obamanomics", was characterized by moderate tax increases on higher income Americans designed to fund health care reform, reduce the federal budget deficit, and decrease income inequality. President Obama's first term (2009–2013) included measures ...
Continue reading ->The post A Guide to Small Business Tax Deductions appeared first on SmartAsset Blog. Small business tax deductions reduce your taxable profits and, therefore, business taxes.
In each of the aforementioned tax reforms, taxes were cut across all income brackets, but the biggest reductions were given to the highest income earners, although the Reagan Era tax reforms also introduced the earned income tax credit which has received bipartisan praise for poverty reduction and is largely why the bottom half of workers pay ...
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