The June 2013 issue of Broker World featured BSMG’s Vice President for Business and Estate Planning, Russell Towers. Towers’ article, “High Earners Will Pay More Taxes in 2013”, outlines why certain high earners will face higher tax rates in 2013. The American Taxpayer Relief Act of 2012 (ATRA 2012) combined with the Affordable Care Act of 2010 (ACA) are the reason for these increases. Although both require high earners to pay a higher rate, ATRA 2012 and ACA have different standards for who is identified as a high earner. This article explains what each Act means for those individuals who could be considered a high earner.
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