As of Jan. 1, 2011, no matter what your tax bracket, you can expect a hike. The lowest, 10% bracket will rise to 15%. On the high end 35% will rise to 39.6%. And everything in between…..
The 25% bracket will rise to 28%.
The 28% bracket will rise to 31%.
The 33% bracket will rise to 36%.
If you’re married, expect to pay more.
That’s right — the “marriage penalty” is back.
Kids? The child tax credit is slashed from $1,000 to $500 per child. (Not that you could raise a kid on $1,000 a year anyway.)
I know that you’re not thinking about dying soon. But you may want to adjust your assets accordingly in the next six months…
… Because the Death Tax returns in 2011!
That’s right — if you die this year, no death tax. But 6 months from now, expect a whopping 55% (on estates over $1 million).