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3343 W. Commercial Blvd., Suite 101
Ft. Lauderdale, Florida 33309
USA
Phone: 954-563-6404 Fax: 954-563-9751
email: info@artten.com
Quick Tax Facts - Tax Changes in
Context
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|
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4-Year Tax Forecast
The chart below provides important amounts and
percentages for 2007 through 2011. Additional limitations, inflation
adjustments, effective dates and transitional rules may apply. Changes made
in 2008 are shaded.
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2007 |
2008 |
2009 |
2010 |
2011 |
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Long Term Capital Gains |
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|
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|
|
Capital gains rate |
15% |
15% |
15% |
15% |
20% |
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Capital gains rate for taxpayers |
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|
|
|
|
|
in 10% or 15% bracket |
5% |
0% |
0% |
0% |
10% |
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Dividends
Dividends rate (taxed as capital gains) |
15% |
15% |
15% |
15% |
Will not
apply |
|
Dividends rate for taxpayers in 10 % or 15% bracket (taxed as
capital gains) |
5% |
0% |
0% |
0% |
Will not
apply |
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Income Tax Rates |
|
|
|
|
|
|
Top bracket |
35% |
35% |
35% |
35% |
39.6% |
|
Fifth bracket |
33% |
33% |
33% |
33% |
36% |
|
Fourth bracket |
28% |
28% |
28% |
28% |
31% |
|
Third bracket |
25% |
25% |
25% |
25% |
28% |
|
Second bracket |
15% |
15% |
15% |
15% |
15% |
|
Initial bracket
|
10%
|
10%
|
10%
|
10%
|
No 10%
bracket |
|
Optional Sales Tax Deduction |
Allowed |
Allowed |
Allowed |
None |
None |
|
Personal Exemption Limitation Repeal |
Phased-Out Period |
Repeal |
Will Not
Apply |
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10% Bracket
Taxable income limit – joint filers |
Indexed
$15, 650 |
Indexed
$16,050 |
Indexed
$16,700 |
Indexed
$16,700 |
No 10%
bracket |
|
Taxable income limit - single filers |
Indexed
$7,825 |
Indexed
$8,025 |
Indexed
$8,350 |
Indexed
$8,350 |
No 10%
bracket |
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Marriage Penalty Relief |
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|
|
|
|
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Basic standard deduction for joint filers - Percentage of |
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|
|
|
|
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single filer amount |
200% |
200% |
200% |
200% |
167% |
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15% bracket size for joint filers |
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- Percentage of 15% bracket size for single filers |
200% |
200% |
200% |
200% |
167% |
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Child Tax Credit |
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|
|
|
|
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Amount per child |
$1,000 |
$1,000 |
$1,000 |
$1,000 |
$500 |
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AMT Exemption |
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|
|
|
|
|
Joint filers |
$66,250 |
$69,950 |
$45,000 |
$45,000 |
$45,000 |
|
Single filers |
$44,350 |
$46,200 |
$33,750 |
$33,750 |
$33,750 |
|
IRA Limit |
$4,000 |
$5,000 |
Index $5,000 for Inflation |
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Estate Tax |
45% |
Repeal |
55% |
|
Top Rate |
|
Exemption
|
$2 million |
$3.5 million |
Repeal |
$1 million |
|
Gift Tax |
45% |
35% |
55% |
|
Top Rate |
|
Exemption |
$1 million |
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Code Sec. 179 Expensing |
|
|
Indexed |
Indexed |
|
|
Deduction amount (indexed) |
$125,000 |
$250,000 |
$133,000 |
$133,000 |
$25,000 |
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Investment limitation (indexed)
(on cost of property) |
$500,000 |
$800,000 |
Indexed
$530000 |
Indexed
$530,000 |
$200,000 |
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15-Year depreciation on qualified leaseholds |
Allowed |
Allowed |
Allowed |
None |
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Manufacturers deduction |
Phase-In Period 6% |
In Full Effect 9% |
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