Federal Tax Increases in 2013:
- Marginal tax rates rises from 25% | 28% | 33% | 35% to 28% | 31% | 36% | and 39.6% respectively.
- Top 15% rate on long-term capital gains rises to 20%.
- Dividends will again be taxed at ordinary income tax rates – 39.6% for top earners.
- Limits on Itemized Deductions and the Personal Exemptions Phase out will add an additional 1.2% to the top rate.
- Death tax rate increases from 35% to 55%, with the exemption falling to $1 million from $5 million.
- Child care deduction limit of $3,000 reverts to $2,400
- Child credit decreases from $1,000 per child to $500 per child
- Low 10% tax bracket for low income Americans expires and taxable income previously subject to the 10% rate will be taxed at 15%
- The marriage penalty equalization ends – the deduction decreases from 200% of the deduction for singles to 167%; and the 15% tax bracket reflects the reduced levels.
- Reduction of the earned income tax credit and refunds
- American Opportunity college education credit expires
- Refundable adoption credit and a lower deduction
- Deduction for student loan interest ends
- Education IRA limit drops from $2,000 to $500
- Expands the Medicare tax for incomes over $200,000 ($250,000 for joint filers) and applies the new 3.8% tax to investment income.
- Places a 2.3% excise tax on manufacturers of medical devices
- Medical Deductions are reduced by increasing the floor on medical deductions from 7.5% to 10% of adjusted gross income.
- Limits to flexible spending arrangements
- Eliminates deduction for expenses that can be allocated to Medicare Part D
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