Tax brackets for the upcoming season have been a constant talking point in the news lately. Millions of taxpayers have anxiously awaited how much of their funds will be going to Uncle Sam next year. Previously it was estimated that individuals who carry a portfolio based largely on capital gains such as stocks, NFT’s, and crypto-currencies would have to give up the lion’s share to account for budget deficits in other areas. This proposed tax increase prompted mass migration of the country’s elite and in part caused housing markets to soar.
However, as of the beginning of the month, those new numbers have been released by the Internal Revenue Service and income thresholds at which capital gains are taxable remain higher than what was initially expected. Based on current numbers, individuals can now earn up to roughly $459,000 before they will be required to fork over 20% of their earnings. The numbers are even slightly higher for heads of households and married couples at an income cap of $488,500 and $517,200 respectively. Those extra funds are expected to go a long way towards income stability as the country faces another round of pandemic woes.
