PRUDENTIAL FINANCIAL, INC. 
By
24 March 2014
Thought Leader of the Week: Robert Fishbein
Thought Leader of the Week: Robert Fishbein
2014 tax landscape may increase your tax burden
"American taxpayers will face a new tax landscape in 2014," says Robert Fishbein, vice president and corporate counsel in Prudential's Tax Department. "As they're preparing their 2013 income tax return, taxpayers should be aware of the laws that may increase their tax burden."
The American Taxpayer Relief Act, which was the "fiscal cliff" agreement, allowed the temporary reduction in the Social Security tax to expire for all taxpayers and increased the tax rate on ordinary income for high-income taxpayers starting in 2013. It also allowed the return of limitations on personal exemptions and itemized deductions that had previously been eliminated in 2010. That change alone is expected to increase the tax burden of a high-income married couple with no children by about 4 percent.
"In addition, the overturning of part of the Defense of Marriage Act may leave same-sex couples with the dubious privilege of having a greater income tax liability," says Fishbein. "The so-called 'marriage penalty tax' may force two-income couples into a higher tax bracket, which, in turn, may force them to pay more than they would if they filed
as non-married individuals."
Interested in more information? Read Robert's full article on changes in the tax law landscape. Want to speak with Robert? Contact Dave Artuso.
Prudential Financial, its affiliates, and their financial professionals do not render tax or legal advice. Please consult with your tax and legal advisors regarding your personal circumstances.
Control # 0259464-00001-00
The American Taxpayer Relief Act, which was the "fiscal cliff" agreement, allowed the temporary reduction in the Social Security tax to expire for all taxpayers and increased the tax rate on ordinary income for high-income taxpayers starting in 2013. It also allowed the return of limitations on personal exemptions and itemized deductions that had previously been eliminated in 2010. That change alone is expected to increase the tax burden of a high-income married couple with no children by about 4 percent.
"In addition, the overturning of part of the Defense of Marriage Act may leave same-sex couples with the dubious privilege of having a greater income tax liability," says Fishbein. "The so-called 'marriage penalty tax' may force two-income couples into a higher tax bracket, which, in turn, may force them to pay more than they would if they filed
as non-married individuals."
Interested in more information? Read Robert's full article on changes in the tax law landscape. Want to speak with Robert? Contact Dave Artuso.
Prudential Financial, its affiliates, and their financial professionals do not render tax or legal advice. Please consult with your tax and legal advisors regarding your personal circumstances.
Control # 0259464-00001-00
Contact(s):
| David Artuso phone: 973-802-6408 |
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