Tags: EIUL and taxation, taxe rate increases, taxes in retirement
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If Congress does nothing this month here are the changes coming down the pike to taxes:
The top two income tax rates are scheduled to increase from 33% and 35% to 36% and 39.6 %, respectively.
The payroll tax is set to expire and go back to 6.2% from 4.2%.
Long term capital gains rates will go from 15% to 18% ? 20%.
Currently taxed at 15%, qualified dividend income is scheduled to increase to the taxpayer?s regular income tax rate.
Fortunately, I had thought through taxes and have structured my accounts so this only gives me a slight increase in taxes from dividend income.
Money in my EIUL or any money I might take out is not taxed.
Berkshire Hathaway investment does not pay dividends so no tax increase at this time.
I do have some dividend paying stock that will incur a tax increase.
Does your retirement strategy take into account taxation?
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Source: http://shaferfinancial.wordpress.com/2012/12/03/taxes-and-retirement-incom/
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