Form 941 (PR) Sandy Springs Georgia 2023-2025

Form 941 (PR) Sandy Springs Georgia: What You Should Know

Tax Deductions — A Tax Break For The Rich Jan 11, 2025 — This is an excerpt from The Wall Street Journal: WASHINGTON — The Obama administration will allow wealthy taxpayers who earn at least 388,700 to deduct up to two-thirds of the taxes they pay as a part of its tax overhaul law, the U.S. Department of the Treasury said Friday. The tax breaks will apply only to taxpayers who itemized their deductions on their 2025 income tax returns. The average 2025 income tax bill was 71,500 for an individual or 142,400 for a married couple. In order for the wealthy to use the benefits the changes would require a 50,000 income tax cut or an additional 400, in addition to another 50,000 in savings on the cost of state and local taxes. In a footnote to the fact that they have a higher average tax bill than regular taxpayers, the Journal points out that the average tax bill, for a couple making more than 388,700 is not the “mean for filers,” or the mean for filers in a certain income bracket. According to the Journal: The Department of the Treasury said on Friday it was working with lawmakers to clarify the language, so the provision would be available to all. The tax benefits for people making a million or more dollars a year won't kick in until 2025, meaning that many taxpayers won't be able to take advantage of the change for at least a decade. It's a little rich that they're spending this much time on clarifying the language to get a tax break for the wealthy. But whatever they're trying to hide, if it's that big of a deal, it's not the way to do it. (Read the rest here.

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