Are the Rich Really Getting Off Easy on Taxes?

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Are the Rich Really Getting Off Easy on Taxes?

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Total visits: 197
Posted on: 30th Sep 2013

Ready for a few new tax savings tips?

Here we go�


ARE THE RICH REALLY GETTING 

OFF EASY WHEN IT COMES TO 

PAYING INCOME TAXES?


The answer depends on how much you

expect them to pay, of course


Of ALL taxpayers in 2011, the Bottom 50%

(HALF of all taxpayers!), paid less than 3%

of the total taxes collected.


By contrast, the Top 5% of all income

earners paid 60% of total amount of

income taxes collected from all sources.


Yes, only 5% of all taxpayers put in 60%

of the total revenue.


Draw your own conclusions about whether

or not the �rich� are getting off easy.


GIFT TAX �EXCLUSION�

INCREASES FOR 2013


As of Jan. 1 of this year you can gift up

to $13,000 to each of your kids, grandkids

and others, without any tax consequences

to either the giver or the recipient.


That amount is doubled for married couples

who file jointly and who agree on the gifting

amounts.


ABOUT DEDUCTING

MEDICARE PREMIUMS


The IRS has issued new guidance confirming

that Medicare (Parts A, B, C and D) count as

qualified health insurance, and therefore the

premiums may be deducted on tax returns.


ABOUT DEDUCTING

LONG TERM CARE INSURANCE


The IRS treats long term care insurance the

same as health insurance � the premiums

are deductible subject to some limitations.


On the last day of this year, if you will be

40 or younger, your deduction is limited

to $365. If your age will be 41-50, your

limit is $680. Ages 51-60 may deduct up

to $1,360. Those 61-70 have a limit of

$3,640. If you will be 70 or older on

Dec. 31, 2013 your limit will be $4,550.


That wraps up another issue of

�Tax Tips You Can Bank On.�


P.S. � You may qualify to deduct


Click here to Discover More


ALL of your health care costs --

Premiums, Annual Deductibles,

Co-pays, and many out-of-pocket

health costs. To learn more, visit


Click here to Discover More



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