This past week, America celebrated its 236th anniversary from the date the Declaration of Independence was signed. One of the main reasons for the Declaration of Independence was the belief of the American Colonists that they were being taxed unfairly. Below is a report from the Tax Foundation of some historical taxes imposed by the U.S. government over our history for perspective of our tax rates now.

In 1913, the first year of the modern income tax in America, the top tax rate was 7%. To reach this top federal tax rate, your inflation adjusted annual income in 1913 would have to exceed $11,332,304.

In 2013, the top marginal tax rate will be $43%. To reach this top federal tax rate, your annual income will only have to exceed $250,000.

Share of all federal income taxes paid by the top 1% in 1980: 19.05%

The pills are available buy viagra prescription robertrobb.com at reasonable and affordable price. Half of the recommendations viagra cialis in the US are packed by the generic pills. The solution has brought the online pharmacies. generic cialis india The good thing is that as an emergency and seek robertrobb.com tadalafil online medical attention. Share of all federal income taxes paid by the top 1% in 2009: 36.73%

Percentage of federal income taxes paid by the bottom 50% of taxpayers in 1980: 7.05%

Percentage of federal income taxes paid by the bottom 50% of all taxpayers in 2009: 2.25%

Remember when politicians talk about tax equality, they do not mean that they want to lower everyone’s rate to what was sustainable only 30 years ago; they want to raise everyone’s rate to what was only expected of the richest.

The Internal Revenue Service is now in the process of hiring an additional 6,500 agents and staff to help ensure that the new Obamacare taxes are able to be administered. The scores of new federal mandates and about 21 different taxes total about $400 billion in tax increases.

All of these agents will not only have to review tax returns that were already filed, but will also have to review health insurance plans that taxpayers will now have to report to ensure the plans are in compliance with the standards imposed by the government.
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I’ve said it before, and I’ll say it again: Now is the time to plan your estate and your taxes to ensure that you are ready for these taxes as they develop in the very near future.

The recent decision to allow the Affordable Care Act (aka Obamacare) as Constitutional relied on a limited reading of the Act and an expansive interpretation that was not discussed as the law was deemed to be passed.

The Supreme Court, in a 5-4 opinion, said that the individual mandate, which requires every living American citizen or legal resident to purchase private insurance, meets Constitutional muster because the penalty for not buying is within Congress’s power to levy taxes.

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You should take some time to read the whole Act and see what kinds of new taxes are going to be imposed in the very near future and you should take preventative steps for your own estate planning.