Mar­riage doesn’t al­ways mean lower taxes

GA Voice - - Outspoken -

sin­gle fil­ers and $250,000 for mar­ried fil­ers. The tax rates on long-term cap­i­tal gains would be kept at the cur­rent 0 per­cent, 15 per­cent and 20 per­cent.

The plan pro­poses a full re­peal of the AMT and the es­tate tax. Un­der cur­rent law, es­tates val­ued at more than $5.45 mil­lion are sub­ject to a 40 per­cent tax rate. Cut­ting the AMT and es­tate tax would stand to ben­e­fit higher in­come earn­ers the most.

Those tax­pay­ers in the mid­dle bracket will see a mod­est in­crease in in­come tax. Those in the high­est bracket will see a de­crease in in­come tax. Th­ese changes are yet to be de­cided and have changed sig­nif­i­cantly since Trump be­came pres­i­dent. It is likely they will change greatly over the next 12 months.

Since same-sex mar­riage be­came le­gal, th­ese tax changes will af­fect the LGBT com­mu­nity in the same was as they af­fect the straight com­mu­nity.

Many of our clients as­sume that be­cause they are mar­ried now, their tax sit­u­a­tion will get bet­ter. This is of­ten not the case. If there are two high-in­come earn­ers in the mar­riage, you will likely see a tax in­crease be­cause you

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