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Tax On The "Rich?" Net or Gross Income.?
Is the $250,000.00 tax set to take effect on earners at the $250,000.00 level for the household or each spouse? Most unclear to me, is whether the $250.000.00 is adjusted gross income (net income) or gross income? Thanks for any clarification.
5 Answers
- MathewLv 71 decade ago
If the tax you are referring to were assessed it would be on the taxable income not the gross income. If a couple files a joint return it is on their combined income. If you believe that only those over $250K will soon see an increase in taxes I have a bridge to sell you.
- RUSeriousLv 71 decade ago
Taxable income, which is adjusted gross income less the taxpayer's itemized deductions or the taxpayer's standard deduction and the taxpayer's personal exemption. In short, taxable income.
- card-ronLv 71 decade ago
It is the modified adjusted gross income (MAGI). Generally, MAGI is the adjusted gross income minus exemptions and deductions.
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- JudyLv 71 decade ago
Not yet formally determined. But would guess will be on the spouses together, not for each.
And don't count on the limit actually ending up 250K.
Will have to wait and see what's actually passed.
