The income gap between the poor, middle class, and wealthy continues to widen, according to government research from the Center for Budget and Priorities. That divide tends to impact how much consumers and businesses pay in taxes. The national tax preparation firm ATAX, specializes in keeping current with the latest changes so that your tax returns are accurate and completed on time.
There are several taxes that could level the playing field for individuals, regardless of the amount of their wages. The tax preparation experts at ATAX list a few to keep in mind:
- Estate Tax: Heavier enforcement of the existing estate tax rules may curb certain transmissions of assets among the top 1% of wealthy consumers in the U.S.
- Progressive Consumption Tax: By subtracting their annual savings from taxable income, families might be able to see some tax relief.
- Capital Income Surtax: Wealth inequality could thin out if the current tax rates are raised or certain rates for capital gains and dividends are eliminated.
- High Labor Income Surtax: Extending the surtax to all income types, combined with the capital income surtax for high labor sectors, may potentially shrink the income gap between all wage earners.
- Tax Reform For Certain Industries: Treating income tax as ordinary income instead of capital gains could set the stage for greater financial parity within certain industries.
As the debate for closing the income gap between the haves and have-nots continues, the tax code keeps moving along with changes and adjustments each tax season. With the professional accounting services firm ATAX as your trusted partner, you’re never alone in navigating the latest updates for personal and business taxes. The team of experts is 100% committed to keeping you in the compliance loop with the IRS.
To schedule an appointment with ATAX for your tax preparation, call (914) 920-5060 today. Visit the website to learn more about the range of available bookkeeping and accounting services.