Home > Taxes Articles > Kevin Chinnock saying- How the NEW wealth tax will affect common Americans.

Kevin Chinnock saying- How the NEW wealth tax will affect common Americans.

Todays Date: January 23, 2019

The year 2011 is likely to see a huge increase in tax as several tax cuts that were instituted in the recent past by the Congress are set to expire unless some action is taken to keep them in existence. No wonder that common Americans are keeping their fingers crossed as a colossal tax increase is said to affect them hugely. According to Kevin Chinnock – owner of a full service accounting, tax, and business consulting firm that specializes in Law Enforcement, this is only the initial phase of tax increase. With the impending health care reforms, the taxes to be paid by Americans may leave many citizens exasperated.

If you are wondering about the areas that would get affected by the impending tax increases slated to become effective from 2011 onwards, Kevin Chinnock who heads the firm called Police Tax, gives a sneak preview. While the minimum range for personal income tax is likely to increase from the present 10 percent to 15 percent, the subsequent minimum bracket for personal income tax is predicted to go up from 25 percent to 28 percent. Kevin Chinnock goes further to add that the 28 percent tax bracket, the 33 percent tax bracket and the 35 percent tax bracket are going to touch the figures of 31, 36 and 39.6 percent respectively after getting amplified.

The news that would cause further worry to common Americans is that the year 2011 is likely to see the reinstatement of the marriage penalty. What’s more, the tax on capital gains is all set to augment from 15 percent to 20 percent while tax levied on dividends would increase from 15 percent to more than double the figure – about 39.6 percent.

Tax service specialist Kevin Chinnock tells that the tax increases as mentioned above would rake in around $2.6 trillion from the average American taxpayer and there won’t be any respite till the year 2020. The common American planning to meet the strict wealth tax would feel more at loss when the health care reform laws are put into effect.

Since the average American taxpayer not only needs to handle the federal income taxes but should also pay certain other yearly taxes like the Building Permit Tax, the Accounts Receivable Tax, the Capital Gains Tax and the like, the outcome of 2011 Wealth Tax is sure to take a heavy toll on the common American populace.

Americans who were unhappy with the prevalent tax schemes are sure to feel the heat of the new Wealth Tax that would amplify the tax paid by citizens by more than a few notches. The only way to find some respite amidst the bleak scenario is to plan ahead and know about the deduction schemes that would help you bring down the total amount of taxes paid. It would be wise to get in touch with a competent and qualified tax service professional to discuss the various aspects of the new Wealth Tax even before it comes into effect so that you stand the chance to be in a favorable condition once the new taxes become effective.

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