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Tax Bracket

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BUSINESS
By Michael Dresser and Michael Dresser,Staff Writer | April 15, 1992
For Maryland's elite, the whine line is 59.If the number entered on that line of your Maryland tax return is more than $100,000 for an individual or $150,000 for a married couple filing jointly, your fortune has become your misfortune.Beyond that line, your taxable income has qualified you for a posh club of some 25,500 Marylanders who qualify for the state's new 6 percent tax bracket. It's the sky box of Maryland taxation, constructed by the General Assembly for the top 1.2 percent of taxpayers.
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NEWS
April 2, 2014
I very seldom find that I agree with former Gov. Robert L. Ehrlich Jr.'s column, but I heartily endorse his last sentence, "Where's our Reagan?" ( "Drawing insults, not fear, from our foes," March 30). If President Barack Obama's administration had the same IRS tax rates as did President Ronald Reagan, the United States would have close to a $1 trillion budget surplus rather than a $600 billion deficit. How is that possible? Well, if we compare Mr. Obama's sixth year in office with Mr. Reagan's sixth year in office, we find that under President Obama the highest tax bracket is 39.5 percent whereas under President Reagan the highest tax bracket was 50 percent.
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By SUSAN BONDY and SUSAN BONDY,Creators Syndicate | February 11, 1996
You often mention tax brackets in your columns. Can you please explain what they are? My gross income last year was $41,500, and my taxable income was $27,118.How do I figure out my tax bracket, and what are the practical implications of knowing my tax bracket?A tax bracket is another name for a tax rate. The federal government charges progressively higher tax rates on income. As your taxable income increases, so does the tax rate you pay on top dollars of earnings.Here's how it works: For the 1995 tax returns, there are five tax brackets: 15 percent, 28 percent, 31 percent, 36 percent and 39.6 percent.
NEWS
April 11, 2012
After reading The Sun's coverage of the General Assembly session's last day ("Time runs out in capital," April 10), I wonder what it will take for the Maryland voters to throw these over-spending and taxing-to-death politicians out of office. According to The Sun, the last-minute budget agreement would have increased taxes for everyone earning over $100,000 and couples earning over $150,000 if the clock had not run out. Lawmakers also agreed to double the flush tax. Not one comment was made on spending cuts.
BUSINESS
By Humberto Cruz and Humberto Cruz,Tribune Media Services | July 1, 2007
My daughter, Veronica, a director of curriculum development, is excited about a major freelance project that she will do in addition to her regular job. It will mean more money but, she also realizes, more taxes, including possibly having to make quarterly estimated payments. Ultimately, that might be the biggest long-range financial benefit of her additional work, the incentive for careful tax planning all year. It is something few Americans do, although it could save them hundreds if not thousands of dollars with little effort.
BUSINESS
By Carolyn Bigda and Carolyn Bigda,Tribune media Services | October 15, 2006
There's never a convenient time for taxes. But for twentysomethings who are saving for retirement, paying tax on contributions now, rather than later, may be the best alternative. In August, President Bush signed the Pension Protection Act, which made permanent the option for employers to offer a Roth 401(k) or Roth 403(b). Like the Roth individual retirement account, around since 1997, contributions to a Roth 401(k) are made after taxes are taken out. Earnings and withdrawals in retirement are tax-free.
NEWS
By Michael Dresser and Michael Dresser,SUN REPORTER | April 9, 2008
It's quite an exclusive club, Maryland's new millionaires' tax bracket. A little more than 6,000 households statewide qualify for the distinction - more than 40 percent of whom reside in Montgomery County. It's a group that includes a Fortune 500 executive in Potomac, an energy company CEO in Roland Park and wealthy retirees with bayside estates in St. Michaels.
NEWS
By DALLAS MORNING NEWS | April 21, 2006
There's nothing else on television that allows you to go home with a lot of money with absolutely no skill. You can be a rock and move into another tax bracket."
BUSINESS
By ANDREW LECKEY and ANDREW LECKEY,Tribune Media Services | August 31, 2008
Q. When investing in municipal bonds, how and why do you calculate the tax-equivalent yield? - H.E., via the Internet A. A municipal bond is a debt security issued by a state, municipality or county to finance its capital expenditures. It is exempt from federal taxes and from most state and local taxes. The tax-equivalent yield is the pretax yield that a taxable bond needs for its yield to equal to that of a tax-free municipal bond. "Munis usually make sense for investors in the 25 percent or higher tax brackets," said Mark Balasa, certified financial planner.
BUSINESS
By George Karvel and George Karvel,KNIGHT RIDDER/TRIBUNE | August 3, 2003
A reader writes that he refinanced his mortgage from a 6.65 percent 30-year mortgage to a 5 percent 15-year mortgage in May. He has $98,000 remaining on the mortgage and was wondering if it would be more beneficial to prepay the mortgage. He earns $45,000 and guesses he is in the 28 percent tax bracket. He wants to know what his actual mortgage interest rate is after itemizing. Dear reader: As a financial matter, repaying a mortgage depends on a person's risk profile and what opportunities exist for the cash that would be used to pay off the mortgage.
BUSINESS
By Janet Kidd Stewart and Janet Kidd Stewart,Chicago Tribune | November 16, 2008
Is your retirement plan ready for 2009? Whether you're saving for retirement or already living in it, you will need to be aware of the annual adjustments to tax brackets, retirement-plan rules, Social Security thresholds, pension limits and health-care savings plans. Most of those numbers are available, so it makes sense to make some plans for the coming year: IRAs and workplace plans: Individual retirement account contribution limits are holding at $5,000 for 2009 (plus another $1,000 if you are 50 or older)
BUSINESS
By ANDREW LECKEY and ANDREW LECKEY,Tribune Media Services | August 31, 2008
Q. When investing in municipal bonds, how and why do you calculate the tax-equivalent yield? - H.E., via the Internet A. A municipal bond is a debt security issued by a state, municipality or county to finance its capital expenditures. It is exempt from federal taxes and from most state and local taxes. The tax-equivalent yield is the pretax yield that a taxable bond needs for its yield to equal to that of a tax-free municipal bond. "Munis usually make sense for investors in the 25 percent or higher tax brackets," said Mark Balasa, certified financial planner.
BUSINESS
By Janet Kidd Stewart and Janet Kidd Stewart,TRIBUNE MEDIA SERVICES | April 20, 2008
My wife and I are both retired, collecting approximately $35,000 a year on Social Security and one small pension. We have money in an IRA at the bank that we would like to start withdrawing. How much per year can we withdraw without paying an excessive amount of income tax? Do we have to pay federal income tax at the bank when withdrawing, or do we pay at the end of the year? Is there any way of not paying the tax by withdrawing smaller amounts? Do I pay the same amount of tax taking out a small amount as I do a large amount?
NEWS
By Michael Dresser and Michael Dresser,SUN REPORTER | April 9, 2008
It's quite an exclusive club, Maryland's new millionaires' tax bracket. A little more than 6,000 households statewide qualify for the distinction - more than 40 percent of whom reside in Montgomery County. It's a group that includes a Fortune 500 executive in Potomac, an energy company CEO in Roland Park and wealthy retirees with bayside estates in St. Michaels.
NEWS
By Gadi Dechter and Gadi Dechter,Sun reporter | April 3, 2008
Legislators took a first step yesterday toward repealing Maryland's new computer services tax and replacing it with an income tax surcharge on millionaires, the most significant victory yet for business groups warning that the levy could destroy the state's high-tech economy. The Senate Budget and Taxation Committee voted 10-5 for the repeal plan, which also calls for cuts to transportation funding and to other state programs. Senate President Thomas V. Mike Miller praised the committee members for a "courageous vote" but predicted a "much more" contentious hearing before the tax-weary lawmakers in the full Senate.
BUSINESS
By Humberto Cruz and Humberto Cruz,TRIBUNE MEDIA SERVICES | October 21, 2007
A chance remark on a column about year-round tax savings has prompted a few skeptical, if not downright cynical, responses. I mentioned that my wife, Georgina, and I are in the 15 percent tax bracket, the second-lowest (brackets range from 10 percent to 35 percent). Many readers wanted to know how that could be, thinking we are resorting to tax trickery. "Hmm, let's see," began one e-mail. "You and your wife stash away lots in your pension plan and write off many expenses since you are self-employed.
BUSINESS
By JULIUS WESTHEIMER | December 13, 2000
Do you buy Treasury bonds or tax-free municipals? "If your tax bracket is high and your inflation expectations low, you absolutely must own some tax-free municipal bonds," says Joseph Deane, manager of the Citi Asset Municipal Bond Fund. "Long-term tax-exempt bonds currently yield 96 percent as much as taxable Treasury bonds of the same maturity. For someone in the top tax bracket, that's a 35 percent yield premium above Treasuries." FACTS & FIGURES: "The average salary and bonus for a mutual fund portfolio manager is $153,000."
BUSINESS
By Humberto Cruz | August 21, 2005
Q. I was very interested in your comment that, for 2008 only, people in the 15 percent and lower tax bracket would not be taxed on long-term capital gains. If this is true, I would be able to cash in some stock for a large tax savings. A. This passing comment in a recent column has generated more than 100 letters and e-mails from readers. Nearly half said their accountants didn't know anything about such a rule. That's amazing, considering that this tax break is part of the hotly debated 2003 law that lowered tax rates on long-term capital gains and stock dividends.
BUSINESS
By Humberto Cruz and Humberto Cruz,TRIBUNE MEDIA SERVICES | August 19, 2007
Last month, I sold all the shares of a couple of stock mutual funds in my traditional individual retirement account and used the money to buy bonds for the IRA. That same day, I used some of my cash reserves to buy the exact number of shares of the same stock funds in a taxable account outside the IRA. While there are no tax consequences now, I figured the switch could save me quite a bit in taxes in the long run. I have since read a paper from a...
BUSINESS
By Humberto Cruz and Humberto Cruz,Tribune Media Services | July 1, 2007
My daughter, Veronica, a director of curriculum development, is excited about a major freelance project that she will do in addition to her regular job. It will mean more money but, she also realizes, more taxes, including possibly having to make quarterly estimated payments. Ultimately, that might be the biggest long-range financial benefit of her additional work, the incentive for careful tax planning all year. It is something few Americans do, although it could save them hundreds if not thousands of dollars with little effort.
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