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As we have all been reading in the press, Federal tax rates are scheduled to increase in 2013 across the board. Among the more significant scheduled changes are:
- An increase in the long-term capital gains rate for non-corporate taxpayers from 15% to 20%
- An increase in the rate applicable to “qualified dividends” of non-corporate taxpayers from 15% to 39.6%
- A Medicare tax of 3.8% on certain investment type income, bringing those total Federal tax rates to 23.8% and 43.4%, respectively.
- An increase in top rates generally from 35% to 39.6% (exclusive of the Medicare tax).
- Significant estate and gift tax increases.