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QUOTES FROM: CCH TAX NEWS HIGHLIGHTS
Individuals with incomes above the $450,000/$400,000 thresholds will pay more in taxes in 2013 because of a higher 39.6 percent income tax rate and a 20 percent maximum capital gains tax. Nevertheless, all taxpayers will find less in their paychecks in 2013 because of what the American Taxpayer Relief Act did not include: the new law effectively raises taxes for all wage earner (and those self-employed) by not extending the 2012 payroll tax holiday that had reduced OASDI taxes from 6.2 percent to 4.2 percent on earned income up to the Social Security wage base ($113,700) for 2013.
Although these rates are now made permanent, nothing would stop Congress from reconsidering the entire tax rate structure again in the future, as part of overall tax reform or even earlier as debt ceiling negotiations get nder way shortly.
Installment payments received after 2012 are subject to the tax rates for the year of the payment, not the year of the sale, Thus, the capital gains portion of payments made in 2013 and
later is now taxed at the 20 percent rate for higher-income taxpayers.
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