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Bloomberg

Maury Cartine, Partner-In-Charge of Marcum LLP's National Alternative Investment Industry Group Tax Department, Quoted in Bloomberg Article "Higher Tax Rates Give Top U.S. Earners Year-End Headaches"

Featured: Maury Cartine, Partner, Alternative Investments

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The higher tax rates passed by Congress this year have some top U.S. earners seeking last-minute strategies to lower their tax bite as year-end calculations turn up unpleasant surprises.

High earners are seeing a combination of federal tax increases for 2013: a top marginal rate of 39.6 percent, up from 35 percent; a 20 percent tax on long-term capital gains and dividends, up from 15 percent; and a new 3.8 percent tax on investment income. Also, limits on exemptions and deductions are taking effect for this tax year.

“Clients are a little startled at the amount of additional taxes they are paying,” said Maury Cartine, a partner at Marcum LLP whose clients include private equity and hedge fund managers.

According to an analysis by Cartine, a married couple in New York with $600,000 in wages, $100,000 in qualified dividends and $300,000 in long-term capital gains -- as well as $145,000 in itemized deductions for real estate taxes, mortgage interest and state and local taxes -- would pay about 17 percent, or $37,000, more in U.S. taxes this year.

Click here to read full article on www.bloomberg.com >>

 
Featured
Maury Cartine

Partner
Alternative Investments
Tax & Business
New York, NY
 
 
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