News Summary: New tax bracket for the wealthiest

Published on NewsOK Modified: January 22, 2014 at 1:00 pm •  Published: January 22, 2014
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CHANGES: A new top tax rate of 39.6 percent for the wealthiest Americans is one of several new changes for the 2013 tax year.

MEDICAL EXPENSES: It will be tougher for taxpayers to deduct their medical expenses after a bump in the threshold, although those older than 65 can keep the old rate a few more years.

MARRIAGE PENALTY: Legally wed same-sex couples will for the most part have to choose married filing jointly or married filing separately when doing their tax returns, and if both spouses work their combined incomes might hit the threshold for extra Medicare taxes or phased-out deductions.


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