Kevin Chinnock saying- How the NEW wealth tax will affect common Americans

The year 2011 is likely to see a huge increase in tax as several tax cuts that were

instituted in the recent past by the Congress are set to expire unless some action is taken to keep them in existence. No wonder that common Americans are keeping their fingers crossed as a colossal tax increase is said to affect them hugely. According to Kevin Chinnock owner of a full service accounting, tax, and business consulting firm that specializes in Law Enforcement, this is only the initial phase of tax increase. With the impending health care reforms, the taxes to be paid by Americans may leave many citizens exasperated.

If you are wondering about the areas that would get affected by the impending tax increases slated to become effective from 2011 onwards, Kevin Chinnock who heads the firm called Police Tax, gives a sneak preview. While the minimum range for personal income tax is likely to increase from the present 10 percent to 15 percent, the subsequent minimum bracket for personal income tax is predicted to go up from 25 percent to 28 percent. Kevin Chinnock goes further to add that the 28 percent tax bracket, the 33 percent tax bracket and the 35 percent tax bracket are going to touch the figures of 31, 36 and 39.6 percent respectively after getting amplified.

The news that would cause further worry to common Americans is that the year 2011 is likely to see the reinstatement of the marriage penalty. What's more, the tax on capital gains is all set to augment from 15 percent to 20 percent while tax levied on dividends would increase from 15 percent to more than double the figure about 39.6 percent.

Tax service specialist Kevin Chinnock tells that the tax increases as mentioned above would rake in around $2.6 trillion from the average American taxpayer and there won't be any respite till the year 2020. The common American planning to meet the strict wealth tax would feel more at loss when the health care reform laws are put into effect.

Kevin Chinnock saying- How the NEW wealth tax will affect common Americans

By: Kevin Chinnock

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