President Obama delivered her State of the Union Address on Tuesday night highlighting his plan to improve the economic health of the country. Though he offered a number of solutions, raising taxes on millionaires and reform of our tax code featured prominently.
President Obama once again brought up the disparity in tax rates between millionaires and the middle class by reiterating the Buffet Rule. Obama proposed a new tax credit for businesses that bring manufacturing jobs back to the states, a tax credit for small businesses and a tax increase on people making a million dollars or more raising their effective rate to 30 percent.
Most people can reduce their effective rates by taking advantage of tax credits and deductions which can be explained by a
tax attorney.
Capital gains taxes have taken center stage since GOP candidate Mitt Romney released his income tax forms earlier this week, showing that his effective income tax rate for 2010 was 13.9 percent; the same rate as a family making $380,000 thousand a year, according to the New York Times.
Tax reform is something that both parties agree on but how to do this varies. A
tax attorney can offer some ideas for reform since they know the code.
Tax lawyers have comprehensive knowledge of the tax code and can help the middle-class and the wealthy reduce their yearly tax liabilities.
