Jon Griffin
Tax-smart investing and withdrawal strategies can help you mitigate exposure to current taxes in your portfolio and keep more of what you’ve earned. Build More Wealth Even small reductions in your tax costs today can have a big impact on the amount of wealth you’re able to build over tim...
This pattern raises the natural question as to what the rates should be. How does one determine the optimal pattern of graduated rates? Economists have made progress on the rate question over the past 25 years, using models based on Mirrlees’ model of optimal income taxation. Much of the ...
Further annual cuts depend on “growth triggers” linked to state revenue. …States with low-income taxes enjoy greater economic prosperity. Just compare Texas, which has no personal income tax, and Oklahoma, which has a top rate of 4.75 percent. Last month, the Tax Foundation found that Tex...
The self-employment tax rate is 15.3%. That includes 12.4% for Social Security and 2.9% for Medicare. You’ll owe an additional 0.9% Medicare tax if your total wages, compensation, and self-employment income for the year exceed $250,000 for joint filers, $125,000 for married people...
A tax rate is simply the percentage of the value of a product, service, income, or property that a government will tax. A common tax is sales tax, the tax you pay when you buy a good or service.5Let's say that sales tax rate is 5%, in which case, you would pay 5% of the va...
These strategic solutions can help high earners minimize net investment income tax and protect their wealth.
1. State income or sales tax deduction You have the option of deducting eitherstate income taxesor sales taxes on your federal return. For most people, you’ll save more by deducting your state income tax. However, if you live in astate with no income tax, you’ll want to go with the...
capital gains isn't as beneficial to an investor as that of long term capital gains. Instead of being taxed at a rate of 0%, 15%, or 20%, depending on income and tax filing status, short term capital gains are taxed at the same rates as ordinary income, which is between 10% and ...
Superannuation, referred to as Super, is money set aside by your employer over the course of your working life to support your financial needs in retirement. Your employer must pay a minimum amount based on the super guarantee rate into your super account. ...