What’s New In Tax

Here is a summary of some recent income tax—and some non-income tax—changes. Personal Tax Rates Changing In 2016! • Middle class tax rate decrease For 2016, the new federal government has proposed the tax rate on taxable income of $45,282 to $90,563 will drop 1.5% - from 22% to 20.5%. The maximum tax saving will be $679. • High income tax rate increase Also proposed for 2016 is a tax rate increase on taxable above $200,000. The tax rate is to...