BEWARE of the AMT

The Alternative Minimum Tax (AMT) was passed in 1969 to prevent people with very high incomes from using special tax benefits to pay little or no tax. The U.S. Congress enacted the AMT in response to the outrage generated when the Secretary of the Treasury testified before Congress that 155 people with adjusted gross annual […]

Read More...

The Top Marginal Tax Rate

The ongoing national political debate includes proposals to increase the top federal marginal tax rate on the highest income taxpayers. The Internal Revenue Service (IRS) reports that less than one percent of all individual federal income tax returns were subject to the highest individual marginal tax rate of 35 percent. Taxes collected at the 35 […]

Read More...

Back to School, Part II

We’ve all heard or said, “Stay in school” but what is a high school degree really worth? The U.S. Census provides some answers. The Census reports that in 2009, the median annual earnings¹ for people age 25 years and older without a high school degree was $18,439. QUESTION:How much higher were the median annual earnings […]

Read More...

Income flowing out of Wisonsin?

Each year, the Internal Revenue Service (IRS) reports the number of individual tax filers who have moved from one state to another during the year. The IRS data includes the aggregate Adjusted Gross Incomes (AGI) of the people moving into and out of each state. According to the IRS, 30,358 more tax filers moved out […]

Read More...

New taxpayers escape to Wisconsin

According to the Internal Revenue Service, 45,283 people filing federal income taxes as Wisconsin residents in 2008 lived and filed their taxes in another state in 2007. Almost 20 percent of these new Wisconsin residents (8,698) lived in Illinois the previous year. The average Adjusted Gross Income (AGI) for all Wisconsin residents filing individual federal […]

Read More...