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Tax Outlook: 2012 and Beyond. Robert A. Gambardella, CPA CTC. “Marginal” Tax Rates. Source: TruthandPolitics.org. “Taxmageddon!”. Bush tax cuts expire Payroll tax cuts expire AMT “patch” expires Medicare taxes kicks in Estate taxes revert to Bush-era levels
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Tax Outlook: 2012 and Beyond Robert A. Gambardella, CPA CTC
“Marginal” Tax Rates Source: TruthandPolitics.org
“Taxmageddon!” • Bush tax cuts expire • Payroll tax cuts expire • AMT “patch” expires • Medicare taxes kicks in • Estate taxes revert to Bush-era levels • Spending “sequester” kicks in
Business Tax Changes • Extend “first-year expensing” to $500,000 • Extend 50% “bonus depreciation”
Payroll Tax Relief Expires • Cut FICA/SE tax by 2%