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What You Need to Know About The Proposed Tax Bracket Changes For 2022

What You Need to Know About The Proposed Tax Bracket Changes For 2022

The United States has a progressive tax system, which means that taxpayers are taxed at different rates depending on their income level. The current tax brackets are 10%, 15%, 25%, 28%, 33%, 35%, and 37%. For the tax year 2021, the income thresholds for each tax bracket are: * 10% bracket: $0 to $9,875 for…

Foreign Accounts Tax Compliance Act (FATCA)

Foreign Accounts Tax Compliance Act (FATCA) In 2009, Swiss banks reported earnings to all American Citizens with offshore accounts.  As a result, UBS paid $780 million to the Internal Revenue Service.  Since then, more international banks have provided income information about American Citizens and Green Card Holders with foreign accounts to the IRS than ever…